Hindustan Unilever, the FMCG giant's Indian arm, is to sell its bakery unit in the country to private-equity firm Everstone Capital.
The deal, announced today (8 September), will see HUL offload a business that includes the Modern bread brand. The division also sells products including cakes and muffins under the brand. It has six plants and a network of franchisees across India.
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HUL said the move was part of its strategy to "exit non-core businesses, while continuing to drive its growth agenda in the core packaged foods business"
Sanjiv Mehta, the CEO and managing director of HUL, added: "Since its acquisition in 2000, HUL has strengthened the Modern business, driven consistent top-line growth and significantly improved profitability. Having turned around the business and built a sustainable growth model, we believe that the sale to Everstone will unlock the full potential of the Modern brand."
Financial details were not disclosed.
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