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The case gives an overview of the disinvestment of Modern Food Industries (India) Limited (MFIL) by the Government of India (GoI) and the turnaround efforts initiated by Hindustan Lever Limited (HLL) for MFIL. When HLL took over MFIL, it was believed that MFIL would perform better under the new management. However, after being sold to HLL, the company became sick and was referred to the Board for Industrial and Financial Reconstruction. The case discusses the various steps taken by HLL management for turning around the sick company. The case also gives an insight into the disinvestment process and throws light on the reasons why the GoI was not able to hasten the process of disinvestment initiated in the early 1990s. From the case, students are expected to understand the process involved in the disinvestment of MFIL and the strategy adopted by HLL for turning around MFIL. After reading and discussing the case, students should have grasped the following issues: (1) the disinvestment process initiated by the GoI; (2) the problems associated with the disinvestment of Public Sector Units (PSUs); (3) the methodology to be adopted for disinvestment; (4) HLL''s experience with MFIL; and (5) HLL''s turnaround strategies for MFIL. The case is aimed at MBA/PGDBA students, and is intended to be a part of the strategy and general management curriculum.