Former GlaxoSmithKline Consumer Healthcare India chairman Zubair Ahmed is advising private equity firm KKR as it joins a list of suitors preparing to bid for the company's health nutrition products portfolio, including Horlicks, reported The Economic Times.

"Ahmed's involvement could be one of the most strategic moves in the bidding process," the report said quoting an official aware of the development as saying.

Global fast moving consumer goods majors like Hindustan Unilever, Nestle, Pepsico, Coca-Cola, Kellogg and Reckitt Benckiser are in the fray to acquire Horlicks in a deal estimated to be worth $4.5 billion.

GSK started a strategic review of Horlicks – a malt-based drink brand popular in India – and some smaller products, after buying Novartis out of their consumer healthcare venture for $13 billion in March, reported Reuters.

Horlicks is more than 140 years old with origins dating back to 1873, when two British-born men, James and William Horlick, first founded a company in Chicago to manufacture the drink.

It was introduced to India by Indian soldiers who had fought with the British Army in the First World War.