Hindustan Unilever (HUL), one of the leading FMCG firms, today announced that it has signed an agreement for the sale and transfer of its bread and bakery business under the brand 'Modern' to Nimman Foods, an investee company of the Everstone Group, for an undisclosed consideration.

HUL's decision to divest is in line with its strategy to exit non-core businesses, while continuing to dive its growth agenda in the core packaged foods business.

The transaction is subject to statutory approvals and requisite clearances. This includes sale and transfer of the 'Modern' brand and business on a going concern basis. HUL will continue to manage the operations until the completion of the transaction.

Shares of the company declined Rs 17.6, or 2.15%, to settle at Rs 802.45. The total volume of shares traded was 220,386 at the BSE (Tuesday).