Hindustan Unilever to sell foods unit: Report

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The deal is expected to be announced shortly, the paper said, citing people close to the development.

Switz was in the "final round of talks" with Hindustan Unilever, the paper said, citing senior Switz officials. It said Hindustan Unilever would retain the manufacturing facilities.

A spokesman for Hindustan Unilever did not immediately return calls seeking comment.

Bread maker Modern Foods broke even last year and Hindustan Unilever had tried to sell the business "but failed to find a buyer," the paper said. It then merged Modern Foods with itself.

Hindustan Unilever, a unit of Unilever Plc, had bought then state-owned Modern Foods in 2000 for nearly Rs.150 crore, the paper said.

Hindustan Unilever, which makes Lux soap, Sunsilk shampoo and Lipton tea, has been selling some smaller businesses to focus on its core portfolio. It most recently sold its home delivery arm and is mulling options for its marine foods business.