Glaxo seeks mid-Sept bids for $4 billion Indian Horlicks unit: Report

The company is assessing its 72.5 per cent holding in India-listed GlaxoSmithKline Consumer Healthcare Ltd. as part of that process

UK pharmaceutical giant GlaxoSmithKline Plc has requested bids by mid-September for its $4.3 billion Indian consumer-health unit, which owns the popular malted milk brand Horlicks, people with knowledge of the matter said.

Glaxo has sent out an information memorandum with preliminary details about the business to potential suitors, according to the people, who asked not to be identified because the information is private. The sale has attracted interest from potential bidders including Nestle SA, PepsiCo Inc. and Reckitt Benckiser Group Plc, they said.

The UK drugmaker announced in March that it aims to complete a strategic review of Horlicks and other nutritional