Hindustan Unilever (HUL) has refused to be drawn on reports that the company is set to sell its Indian bakery business Modern Foods.

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.