Kraft said to agree sale of part of Indian portfolio to Zydus

A bottle of tomato ketchup, manufactured by Kraft Heinz Co. Photographer: Chris Ratcliffe/Bloomberg

Kraft Heinz Co. has agreed to sell a portfolio of Indian businesses, including children’s milk drink Complan, to Zydus Wellness Ltd., people with knowledge of the matter said.

Zydus, which is a unit of Indian drugmaker Cadila Healthcare Ltd., could announce a deal as soon as this week, according to the people, who asked not to be identified because the information is private. Zydus has been discussing a value of about 46 billion rupees ($625 million) and is in talks to raise private equity funding to cover about half of the purchase price, one of the people said.

A representative for Kraft Heinz declined to comment. A representative for Zydus didn’t immediately respond to a request for comment. The Times of India reported earlier this month that Zydus was close to a deal for brands including Complan and that buyout firms were in late-stage discussions to back the Indian consumer firm.

Tata Group, India’s biggest conglomerate, and consumer-goods manufacturer Dabur India Ltd. were also among suitors for the Kraft Heinz businesses, people familiar with the matter said in August. In addition to the Complan product, the brands being sold include the Glucon D instant energy drink, Nycil talcum powder and Sampriti clarified butter, people with knowledge of the matter said at the time.

Kraft Heinz had been seeking about $1 billion for the assets, the people had said. Some potential bidders had balked at the valuation, due to what they saw as lower growth prospects for certain products amid changing consumer tastes in India, they said.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.