HUL, GSK ink Rs 317-bn merger in India's biggest consumer goods deal

HUL will become the largest food company in the country, with turnover of Rs 107 billion

Hindustan Unilever (HUL) on Monday said it was merging GlaxoSmithKline (GSK) Consumer Healthcare with itself in a transaction worth Rs 317 billion, in the largest deal of the consumer goods space in the country. 

The development came as parent Unilever announced it was acquiring Horlicks and other health food drinks from GSK in over 20 markets for £3.1 billion, bringing to an end a high-profile deal that had seen a cross-spectrum of players, including Nestlé, Coca-Cola, and ITC throwing their hats in the ring.

The transaction has three parts, including GSK picking up a 5.7 per cent stake in HUL,