Modern Food Industries (India) Ltd (MFIL) was set up in 1965 as Modern Bakeries (India) Limited and owned by Government of India. It was situated at Kazhikundram, Taramani (Near Tidel Park), Chennai, Tamil Nadu. It was set up under the Colombo plan. It was disinvested[1] by the Government of India to Hindustan Unilever Limited in 2000 under the Premiership of Atal Bihari Vajpayee. It got its present name in 1982. MFIL had bread manufacturing units in 13 cities spread across India. MFIL had also marketed fruit juice concentrate under brand name Rasika in Delhi. MFIL also produced aerated soft drinks under the brand Double Seven.[2] MFIL was a wholly owned Central Government-owned PSU. This was the first privatisation of public sector unit by the government of India. Modern Foods had over 40% of the bread market in India.[3]
HUL was the sole bidder for Modern Foods. It paid Rs 10.5 million, as per the valuation exercise undertaken by its valuer ICICI