As per sources, drug manufacturer Elder Pharmaceuticals is exploring alternatives to sell its nutrition products biz.

One of the sources stated that Elder is in search of a valuation of approximately $60 million to $75 million for the biz that comprises around 20 brands, and that talks are at a very early phase.

Elder Pharma Joint Managing Director Alok Saxena refused that the firm was eyeing to sell the biz.

Saxena stated, “We are not selling anything, nor are we discussing this with anybody.”

As per lobby group Federation of Indian Chambers of Commerce and Industry, the nutrition supplements market in India, home to over 1.3 billion people, is comparatively unexploited and valued at about $1 billion.

A rapidly booming middle-class, growing incidence of diabetes and longer life-times are driving demand for nutrition products in the country, a chance that has caught the interest of MNCs.

In 2011, French drug manufacturer Sanofi's India division Aventis Pharma got hold of the nutrition biz of Universal Medicare for around Rs 5 billion whereas Danone decided to acquire the baby nutrition biz of the country's Wockhardt for about $355 million.

Last week, U. S. drug manufacturer Abbott Laboratories has decided to establish an r&d centre with the country's Biocon to set up affordable nutrition products for India.