Nestlé has in principle agreed to buy the healthcare nutrition business of Speciality Foods India.

A price approved by the Nestle India board is being conveyed to Speciality Foods India for their agreement, the company said today (8 December).

Subject to the agreement between the parties on the sale price and the terms, the sale is expected to be effective from 1 January.

Nestlé India is being advised by Bansi S. Mehta & Co., KPMG India and Amarchand Mangaldas.

The Speciality Foods India business includes the Resources, Optifast and Spert brands.

Antonio Helio Waszyk of Nestle India said: "We are leaders in nutrition and have been leveraging Nestle's R&D capability and expertise in nutrition science and technology to develop superior nutritional products for everyday use. I am pleased with the proposed acquisition."

He added: "Healthcare nutrition plays a vital role in satisfying the needs of consumers with special nutritional requirements so they can enjoy a good life. This new business will further strengthen our leadership as a nutrition, health and wellness company."