Bids are expected to fetch more than $4 billion.
Some of the world's biggest consumer companies, Nestle, Unilever and Coca-Cola, are among bidders for buying Indian Horlicks which is owned by GlaxoSmithKline. Bids are expected to fetch more than $4 billion.
The three consumer goods giants are seen as frontrunners for a business, which is offering a significant footprint in a fast-growing emerging market.
Founded in 1873 by James and William Horlick, Horlicks is a malt-based drink. They both had initially set up a company in Chicago where they manufacture the drink. The soldiers who fought with the British Army in the First World War brought the health drink in India.
By acquiring the Horlicks business, Coca-Cola would mark another multibillion-dollar acquisition, following a deal to buy Costa Coffee for $5.1 billion last month.
Earlier this year, GSK sold its much smaller UK Horlicks business to Aimia Foods for an undisclosed amount.