Hindustan Uniliver sells Modern bread business
Hindustan Uniliver Sells Modern Bread Business. FMCG major Hindustan Unilever Ltd (HUL) on Tuesday said it has sold the bread and bakery business under ‘Modern’
New Delhi: FMCG major Hindustan Unilever Ltd (HUL) on Tuesday said it has sold the bread and bakery business under ‘Modern’ brand to Everstone Group’s Nimman Foods Pvt Ltd for an undisclosed sum. “HUL’s 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 company said in a BSE filing.
“It (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,” it said.