The promoters of Dinshaw's Dairy Foods Limited, have revived their plan to sell a majority stake, four individuals familiar with the negotiations told Moneycontrol. Dinshaw's has appointed Deloitte Touche Tohmatsu to negotiate with potential bidders, the sources said. "Differences amongst the promoters could be a possible trigger for the move.

Depending on valuations offered in the proposed transaction, they may also consider a complete exit," said one of the sources cited above. The Dinshaw's family owns 50% stake in Dinshaw's while the remaining 50% is held by Gwalior Alcobrew Pvt. Ltd. (Bapuna group).

"Discussions are at an early stage and the initial response has been strong,” said another source. “Top private equity funds, key FMCG companies & overseas players including the likes of The Carlyle Group L.P. (NasdaqGS:CG), Hindustan Unilever Limited (BSE:500696) (HUL) and Lotte Confectionery (New) (KOSE:A280360) have shown interest," the source said. In response to an email query from Moneycontrol, a Deloitte spokesperson said, "We are bound by confidentiality obligations and are unable to comment on client specific matters" while Carlyle declined to comment.

An HUL company spokesperson said,” As a policy, we do not comment on market speculation.” Moneycontrol is awaiting an email response from Dinshaws Dairy Foods, the Bapuna Group and Lotte Confectionery and will update as soon as it gets them.