Chennai, Sep 8 (IANS) Hindustan Unilever Ltd (HUL) on Tuesday said it is exiting the non-core bread and bakery business by selling it to Nimman Foods of Everstone Group for an undisclosed sum.
The two parties announced the signing of the agreement whereby HUL would sell and transfer its bread and bakery business under the brand Modern.
According to HUL, the business is transferred on a going concern basis and is subject to statutory approvals.
“Modern is a marquee brand which has strong recall and a long standing history. Everstone is committed to making significant investments in not only unlocking the brand’s true potential, but also, once again, managing it as an independent company. We welcome Modern’s employees and partners to the Everstone family,” Sameer Sain, co-founder and managing partner, Everstone Group was quoted as saying in a statement.
HUL’s bread and bakery business consists of a full range of white and sweet breads, health and wellness breads and value added bakery products such as cakes, muffins, buns, pavs, cream rolls under the well-known ‘Modern’ brand name. The business currently has six own operating manufacturing units and a network of franchisees across India.