Grupo Bimbo Strikes Deal to Buy Everstone Capital Backed Modern Foods

Modern Foods, the first Indian public sector undertaking (PSU) to be privatised, has changed hands for the third time.

Mexican bakery giant Groupo Bimbo, which is keen to strengthen its presence in emerging markets, has sealed a deal to acquire the popular bread and bakery brand owned by private equity firm Everstone Capital, people with knowledge of the matter told Moneycontrol.

On June 6, 2020, Moneycontrol was the first to report that Singapore-based Everstone Capital had put Modern Foods, which it acquired in 2015 from HUL, on the block.

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