Mumbai/London: 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 4,600 crore ($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. Kraft Heinz’s intention to sell Complan first came to light in June 2019.

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.

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Bloomberg’s Vinicy Chan and Lisa Wolfson contributed to this story.

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