Kraft Heinz to sell Indian assets to Zydus Wellness for Rs 46 billion

Zydus, which is a unit of Indian drugmaker Cadila Healthcare Ltd, could announce a deal as soon as this week

Kraft Heinz Co has agreed to sell a portfolio of India businesses, including children’s milk drink Complan, to Zydus Wellness for around Rs 45-46 billion, people with knowledge of the matter said.

An announcement is likely as soon as this week, said sources close to the development. 

Zydus was not open to inheriting the tax liabilities of the Italian holding company that houses the Indian business of Kraft Heinz. It only wanted to acquire the Indian assets. A source confirmed that Kraft agreed to its condition and Zydus would not absorb the tax liabilities. 

Zydus Wellness is the personal care arm of drugmaker