Hindustan Unilever sells its Modern brand to Nimman Foods

Everstone’s Nimman Foods has acquired the bread and bakery business of India’s largest consumer goods company, Hindustan Unilever (HUL).

The sale of the Modern brand is in line with the company’s strategy to abandon non-core businesses and focus on packaged foods business.

HUL CEO and managing director Sanjiv Mehta said: "Modern is an iconic brand, which has been delighting consumers over the years through its range of high-quality bread and value-added bakery products.

"Since its acquisition in 2000, HUL has strengthened the Modern business, driven consistent topline growth and significantly improved profitability."

The Modern brand offers a full range of white and sweet breads, health and wellness breads, and value-added bakery products, such as cakes, muffins, buns, bread rolls, and cream rolls.

Currently, the business has six manufacturing units and a network of franchises across the country.

The transaction is subject to statutory approvals and requisite clearances, and HUL will continue to operate Modern operations until the completion of the transaction.

Everstone Group co-founder and managing partner Sameer Sain said: "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."

Everstone also invested in other food and beverages firms, including Burger King India, Pan India Food Solutions, and Capital Foods, among others.

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Image: Modern brand offers full range of white and sweet breads as well as health and wellness breads. Photo: courtesy of Apolonia/ Freedigitalphotos.net.