British drugmaker GlaxoSmithKline plc is planning a sale of its $3.7 billion stake in Unilever Ltd's listed India unit, Bloomberg News reported on Wednesday, citing people familiar with the matter.
GSK plans to offload part or all of its 5.7 percent holding in Hindustan Unilever Ltd (HUL) through a series of block trades, according to Bloomberg News.
In December 2018, Unilever struck a deal to buy GSK's Horlicks nutrition business for $3.8 billion, boosting the Anglo-Dutch group's position in India. The deal consideration was paid in cash and shares of HUL, and was completed earlier this month.
A GSK spokesman declined to comment on the matter. Hindustan Unilever did not immediately respond to a request for comment.