Mubasher: Unilever on Monday said that it agreed to buy GlaxoSmithKline’s (GSK) Horlicks nutrition portfolio in India for EUR 3.3 billion ($3.73 billion), boosting the Anglo-Dutch company’s footprint in India by adding the popular malted drink.

The deal consists of three parts, including an all-share merger of Hindustan Unilever, with the publicly-listed GSK Consumer Healthcare India.

The sale follows a competitive month-long auction in which Unilever saw off rival Nestle and an earlier interest from Coca-Cola, as both companies looked to bolster their presence in one of the world’s fastest growing economies.

Moreover, the consumer goods giant would acquire an 82% stake in GSK’s business in Bangladesh for EUR 169 million as well as the pharmaceutical company’s operations in 20 other predominantly Asian markets and the associated intellectual property rights for EUR 470 million.

The total consideration for the transaction is EUR 4.6 billion, Unilever said, adding that the transaction came in line with its strategy to boost its footprint in health-food categories and in high-growth markets.

GSK plans to use the proceeds to support its own strategic priorities and trim its debt.