Wipro, ITC, Cadila in the race to acquire Complan

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26 Aug, 2025 12:21

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ITC, Wipro Consumer Care & Lighting and Cadila Healthcare are preparing to buy Kraft Heinz India’s famous nutritional drink brand, Complan, Mint has reported. Investment bankers JP Morgan and Lazard, which are managing the transaction, have set the deadline to submit bids as September 15. The bids are expected to be in the range of USD 700-800 million, sources told the paper.

Kraft Hienz’s announcement to sell Complan comes on the heels of rival GlaxoSmithKline initiating the sale of Horlicks earlier this year.

Complan accounts for approximately 8 percent share of the Rs. 5,500 crore nutritional drink market in India. The market is dominated by Cadbury’s Bournvita and Nestle’s Boost, besides Horlicks and Complan.

As per Euromonitor International, malt-based drinks such as Horlicks and Bournvita have witnessed a slowdown in growth from 13.2 percent in 2014 to 8.6 percent in 2017. However, as a segment, supplement nutrition drinks have registered a relatively higher growth than malt-based drinks. Yet, their market shares have slipped from 21.3 percent in 2014 to 11.5 percent in 2017, Mint has reported. The entry of new competitors into the segment, such as Wander AG’s Ovaltine and Cadila’s ActiLife has also challenged the dominance of existing brands.

The Economic Times had reported in July that Wipro Consumer Care & Lighting, ITC, Cadila, Abbott and Emami, along with private equity funds Carlyle and Blackstone, were in exploratory talks with Kraft Heinz to acquire the business. The report suggested that Kraft Heinz is seeking a valuation of close to $1 billion for its consumer foods division.

In 2017, Kraft had reported an impairment loss of $49million because of dwindling beverages business in India.

Kraft Heinz was formed after after the merger of Kraft Foods and Heinz in 2015. In India, the brand includes Complan, Glucon-D, Nycil, Heinz and Sampriti Ghee.

Globally, Kraft Heinz is the fifth-largest food and beverage firm. Its popular global brands include Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables and Maxwell.