A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo(REUTERS File Photo)
A Heinz Ketchup bottle sits between a box of Kraft macaroni and cheese and a bottle of Kraft Original Barbecue Sauce on a grocery store shelf in New York March 25, 2015. REUTERS/Brendan McDermid/File Photo(REUTERS File Photo)

Tata, Dabur among suitors to bid for Kraft Heinz in $1 billion India sale

Tata Group and Dabur India Ltd are among suitors selected for the second round of bidding for Kraft Heinz company
By Bloomberg
UPDATED ON AUG 04, 2018 04:20 PM IST

Kraft Heinz Co. has narrowed the list of bidders for a portfolio of Indian businesses it’s selling that includes the children’s milk drink Complan, people with knowledge of the matter said.

Tata Group, India’s biggest conglomerate, and Dabur India Ltd., the $11.3 billion consumer-goods company, are among suitors selected for the second round of bidding, according to the people. The sale has also drawn interest from an arm of Cadila Healthcare Ltd. and other potential buyers, the people said, asking not to be identified because the information is private.

Kraft Heinz has been seeking about $1 billion for the assets, the people said. In addition to the Complan product, the Indian businesses being sold include the Glucon D instant energy drink, Nycil talcum powder and Sampriti clarified butter, the people said.

Shares of Kraft Heinz extended gains in New York trading Friday, rising 8.6 percent to $64.48 at the close, the biggest jump in more than five months.

Tata Group is considering doing any potential deal through listed unit Tata Global Beverages Ltd., according to one of the people. Spokesmen for Tata Group, Dabur and Tata Global Beverages declined to comment. Representatives for Kraft Heinz and Cadila didn’t immediately respond to requests for comment.

Any transaction would add to the $11.9 billion of acquisitions targeting the Indian consumer industry this year, data compiled by Bloomberg show. Kraft Heinz is bringing Complan to market as U.K. pharmaceutical firm GlaxoSmithKline Plc weighs selling its stake in its Indian consumer health subsidiary, which owns malted milk brand Horlicks.

The price sought by Kraft Heinz translates into more than 20 times earnings before interest, taxes, depreciation and amortization, one of the people said. Some potential bidders have balked at the valuation, due to what they see as lower growth prospects for certain products amid changing consumer tastes in India, the people said.

There’s no certainty the suitors will proceed with binding offers, and Kraft Heinz could decide to keep the business, according to the people.

To contact the reporters on this story: George Smith Alexander in Mumbai at galexander11@bloomberg.net;P R Sanjai in Mumbai at psanjai@bloomberg.net;Vinicy Chan in Hong Kong at vchan91@bloomberg.net

SHARE THIS ARTICLE ON
Close
To be sure, Sapre is also a member of the Mutual Funds Advisory Committee (MFAC) of Sebi.(Bloomberg News)
To be sure, Sapre is also a member of the Mutual Funds Advisory Committee (MFAC) of Sebi.(Bloomberg News)

FT should be probed by Sebi and not ED or cops, says Amfi

By Neil Borate, Hindustan Times, Mumbai
PUBLISHED ON MAR 05, 2021 12:55 AM IST
  • The ECIR is reportedly based on an FIR filed by the Chennai police under Section 420 of the IPC on the basis of a complaint by the Chennai Financial Markets and Accountability (CFMA), an organisation that fights for investors’ rights.
Close
Representational image of wearable technology.(Unsplash)
Representational image of wearable technology.(Unsplash)

Wearables market grew 144% in ’20 on remote working shift

By Abhijit Ahaskar, Hindustan Times, New Delhi
PUBLISHED ON MAR 05, 2021 12:32 AM IST
  • Shipments in the December quarter grew at a higher rate of 198% annually with 15.2 million units.
Close
In February, Reliance Retail said it is building its own supply chain by converting its Reliance Market stores into fulfilment centres, to further the reach of its new commerce venture, JioMart, and expedite deliveries..(Bloomberg)
In February, Reliance Retail said it is building its own supply chain by converting its Reliance Market stores into fulfilment centres, to further the reach of its new commerce venture, JioMart, and expedite deliveries..(Bloomberg)

E-com boom sets off a scramble for warehouses

By Kalpana Pathak, Tanya Thomas, Hindustan Times, Mumbai
PUBLISHED ON MAR 05, 2021 12:12 AM IST
  • The companies are also opting for large boxes for storage, with around 400,000-plus sq. ft being the average demand.
Close
Capco’s clients include top companies in the financial services and energy and commodities trading sectors.
Capco’s clients include top companies in the financial services and energy and commodities trading sectors.

Wipro to acquire UK consultancy Capco for $1.45 billion

By Ayushman Baruah
PUBLISHED ON MAR 05, 2021 12:05 AM IST
  • The latest acquisition is Delaporte’s boldest move to spur growth after the company ceded its position as India’s third-largest software services provider to HCL Technologies Ltd.
Close
Deliberations are at an early stage and Flipkart could still explore other options, the people said.(REUTERS)
Deliberations are at an early stage and Flipkart could still explore other options, the people said.(REUTERS)

Flipkart mulls US listing through the SPAC route

Bloomberg
PUBLISHED ON MAR 05, 2021 12:02 AM IST
  • The Bengaluru-based online retailer has been weighing a US initial public offering and it’s now also looking at other options, the people said.
Close
Two of the people said OMCs have already built a cushion of <span class='webrupee'>₹</span>2-3 per litre even as international oil prices have fallen after reaching a 13-month peak on February 24.
Two of the people said OMCs have already built a cushion of 2-3 per litre even as international oil prices have fallen after reaching a 13-month peak on February 24.

Fuel retailers may cut rates in run-up to polls

By Rajeev Jayaswal
PUBLISHED ON MAR 04, 2021 11:58 PM IST
  • While the base price of petrol is 33.26 per litre, it attracts 32.90 a litre central excise and 21.04 per litre local levies in Delhi.
Close
People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna. (AP File Photo )
People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna. (AP File Photo )

OPEC+ to extend most oil cuts into April, Saudi to keep voluntary cut

Reuters, Dubai, Moscow
PUBLISHED ON MAR 04, 2021 11:27 PM IST
The news pushed oil prices back towards their highest levels in more than a year with Brent trading up 5% above $67 a barrel as the market had expected OPEC+ to release more barrels.
Close
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.(AP)
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.(AP)

OPEC+ meet on oil output with Saudi, Russia seeing fragile recovery

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 04, 2021 10:12 PM IST
Saudi Energy Minister Prince Abdulaziz bin Salman and Deputy Prime Minister Alexander Novak, lynchpins in the OPEC+ group, have to decide with their allies whether a rally in oil prices is enough to warrant more supply or if uncertainty about the coronavirus crisis should encourage more caution.
Close
UK investigates Apple's App Store for 'stifling competition' and 'hurting consumers' (Reuters File Photo)
UK investigates Apple's App Store for 'stifling competition' and 'hurting consumers' (Reuters File Photo)

UK probes Apple's App Store for 'stifling competition' and 'hurting consumers'

PTI
PUBLISHED ON MAR 04, 2021 08:57 PM IST
UK's competition watchdog, the Competition and Markets Authority, said Thursday it was looking into “suspected breaches of competition law" by Apple. The App Store, Apple responded, is “a safe and trusted place for customers.”
Close
A branch of State Bank of India (SBI) is seen.(Mint)
A branch of State Bank of India (SBI) is seen.(Mint)

SBI to conduct property e-auction tomorrow: Here’s what you need to know

By hindustantimes.com | Edited by Mallika Soni
UPDATED ON MAR 04, 2021 08:34 PM IST
  • As per SBI’s official website, the properties that are included in the auctions are those of defaulters who failed to pay their dues.
Close
The EPFO has decided it will pay an 8.5% interest on deposits based on the current position of earnings and deposits of the organisation.(File photo)
The EPFO has decided it will pay an 8.5% interest on deposits based on the current position of earnings and deposits of the organisation.(File photo)

EPFO retains 8.5% interest on EPF deposits: Here's how it is calculated

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON MAR 04, 2021 07:22 PM IST
  • Here’s how you can calculate the EPF interest
Close
Square, Inc. says it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.(Greg Allen/Invision/AP)
Square, Inc. says it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.(Greg Allen/Invision/AP)

Square to pay $297 mn for majority stake in Jay-Z's Tidal, appoint him to board

Posted by Kunal Gaurav | Bloomberg
PUBLISHED ON MAR 04, 2021 07:09 PM IST
Jay-Z acquired Tidal for $56 million in 2015 and announced plans to turn it into the first artist-owned streaming service.
Close
FILE PHOTO: A logo of WhatsApp is pictured on a T-shirt worn by a WhatsApp-Reliance Jio representative during a drive by the two companies to educate users, on the outskirts of Kolkata, India, October 9, 2018. Picture taken October 9, 2018. REUTERS/Rupak De Chowdhuri/File Photo(REUTERS)
FILE PHOTO: A logo of WhatsApp is pictured on a T-shirt worn by a WhatsApp-Reliance Jio representative during a drive by the two companies to educate users, on the outskirts of Kolkata, India, October 9, 2018. Picture taken October 9, 2018. REUTERS/Rupak De Chowdhuri/File Photo(REUTERS)

WhatsApp adds voice and video calling feature to desktop version

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 04, 2021 06:12 PM IST
The move to facilitate calls over large screens would put WhatsApp on par with video-conferencing bigwigs Zoom and Google Meet, but it is not clear if it has ambitions to compete with the two in the enterprise space.
Close
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)

OPEC+ debates whether to raise or freeze oil output as price recovers

Reuters, Dubai/moscow
PUBLISHED ON MAR 04, 2021 05:54 PM IST
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.
Close
The Stoxx 600 Index slipped 0.7%, dragged lower by miners as gold held near a nine-month low. S&amp;P 500 and Nasdaq 100 contracts declined though were off their session lows, spurred by the 10-year Treasury yield approaching 1.5% on Wednesday and rising inflation expectations.(AFP)
The Stoxx 600 Index slipped 0.7%, dragged lower by miners as gold held near a nine-month low. S&P 500 and Nasdaq 100 contracts declined though were off their session lows, spurred by the 10-year Treasury yield approaching 1.5% on Wednesday and rising inflation expectations.(AFP)

Inflation rise expectation, long-term borrowing show US markets at risk

Bloomberg
PUBLISHED ON MAR 04, 2021 04:56 PM IST
In an appearance at a Wall Street Journal webinar later today, Powell is expected to say the central bank will be ultra-patient in pulling back its support for the economy after the pandemic has ended.
Close
SHARE
Story Saved
OPEN APP