Company has struck deals to increase ownership of subsidiaries
GlaxoSmithKline (GSK) is to spend £650 million dramatically increasing its ownership of Indian and Nigerian subsidiaries.
The company currently has a 43% stake in Indian subsidiary GSK Consumer Healthcare, which employs 3200 people. It plans to increase this to 75% – the maximum allowed under Indian regulations for the company to remain publically listed – at a cost of £591 million. The Horlicks hot drink brand is a large part of the GSK Consumer Healthcare portfolio.
Similarly, GSK plans to increase its stake in Nigerian subsidiary GSK Consumer Nigeria from 46% to 80% at a cost of £62 million. GSK Consumer Nigeria sells a wide range of healthcare and consumer products under well-known brands including Panadol, Sensodyne, Horlicks and Lucozade.