India’s fast moving consumer goods giant Hindustan is reported to be looking for partners for its leather shoe manufacturing businesses.

"We are in the process of identifying potential partners for these businesses and pending this, we propose to transfer these businesses to one or more subsidiaries," a company spokesman said.

The company acquired its footwear manufacturing capabilities as part of its amalgamation with Pond’s India Limited, a company specialising not just in the manufacture of footwear but also shoe uppers, leather goods and – oddly – the growing of mushrooms.

The company is said to be looking for ‘suitable parties’ who might add value to these businesses through technological knowhow, international marketing and design capability as joint venture partners or as prospective acquirers of these businesses, as appropriate.