Shan Foods Pvt. is considering the sale of a majority stake that could value the Pakistani spice maker at about $250 million, according to people familiar with the matter.
The company is working with a financial adviser on the sale and has approached potential buyers including Unilever Plc., said the people , who asked not to be identified as the discussions are private.
A deal would give potential acquirers exposure to the world's sixth most populous nation that was the fastest retail market globally until an economic crisis recently. The nation is looking to stabilize its economy after securing a $6 billion bailout from the International Monetary Fund.
Deliberations are ongoing and Shan Foods can still decide to sell a non-majority stake or keep the business, the people said. Representatives for Shan Foods and Unilever declined to comment.
Shan Foods, founded in 1981, is known for its small boxes with spices and recipe mixes that are used in South Asian cooking, according to its website. Its products are available in 65 countries, the website shows.
Among measures to revive the economy, Pakistan discourages consumer good imports that makes it a boon for local manufacturers including Unilever's operations there. Unilever Pakistan Foods Ltd.'s net sales rose 7% to 9.6 billion rupees ($62 million) for the first nine months this year, according to the company's website.