Everstone Group today announced the appointment of Kuldip Kaura as Chairman and ex-Cargill Foods executive Aseem Soni as the new CEO of Modern Foods, which it had acquired from Hindustan Unilever.
The bread and bakery firm is aiming to quadruple its turnover to Rs 1,000 crore in the coming years under the new owners by foraying into new categories, providing more food options and extending its geographic coverage.
In other senior-level changes, Everest Group has also appointed ex-DGP of Maharashtra, P S Pasricha, as an independent director on board of Modern Foods.
Besides, two Everstone Managing Directors Rajev Shukla and Deep Mishra will also serve on Modern's board.
Announcing the strengthening of top management of Modern Foods, Everest Group said the appointments of Kaura and Soni are with immediate effect.
Everstone Co-Founder and Managing Partner Sameer Sain said Modern Foods will leverage on its brand equity, reach across India and history of over 50 years for future growth.
"The Everstone group will work with its management and board to make significant investments and deploy the group's operational expertise to unlock the brand's full potential as well as expand its portfolio and reach," he said.
On the future prospects, Soni said: "There are major opportunities to strengthen our geographic coverage, expand the portfolio and extend our iconic brand to adjacent and newer categories, both organically and via acquisitions."
He further said the aim is "to quadruple the turnover to Rs 1,000 crore in the coming years by providing high-quality, affordable, tasty, and healthy food options in bread, baked goods and possibly in new categories".
Established in 1965 by the government, Modern was the first branded bread in India. Its bread and bakery products are marketed through a network of nearly 50 manufacturing plants and over 75,000 outlets.
HUL, which had acquired Modern in 2000, had yesterday informed it has completed sale of its bread and bakery business under 'Modern' brand to Everstone group's Nimman Foods Pvt Ltd for an undisclosed sum.
Headquartered in Singapore, Everstone Group is a private equity and real estate investment firm with assets under management of USD 3.3 billion.
