Hindustan Unilever Ltd (HUL), the FMCG major has completed the sale of its bread and bakery business under the Modern brand to Everstone Group’s Nimman Foods Pvt Ltd (now known as Modern Food Enterprises Pvt Ltd).
HUL had announced in September last year that it will be selling its bread and bakery business to Everstone Group’s Nimman Foods Pvt Ltd for an undisclosed sum.
The decision to divest is in line with its strategy to exit non-core businesses, while continuing to drive its growth agenda in the core packaged foods business.
The transaction includes sale and transfer of the Modern brand and business on a going concern basis. HUL and Everstone will work together to secure the necessary approvals to complete the transaction over the next few months. HUL will continue to manage the operations until the completion of the transaction.
The business includes products such as cakes, muffins, buns, pavs and cream rolls. It has six manufacturing units and a network of franchisees across India.