Hindustan Unilever (HUL) has refused to be drawn on reports that the company is set to sell its Indian bakery business Modern Foods.
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Reports in India claim that HUL is about to offload Modern Foods to the Middle East-based Switz Group.
A report in India’s Economic Times today (7 December) quoted sources who said a INR1bn (US$25.5m) deal was due to be announced “shortly”.
However, HUL remained tight-lipped. “As a policy we do not comment on market speculation. We will therefore not be able to comment,” a HUL spokesperson told just-food.
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