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Business EconomyPosted at: May 18 2022 1:53PM


Ruchi Soya acquires Patanjali's food retail biz, changes name

Mumbai, May 18 (UNI) The Board of Ruch Soya Industries on Wednesday approved the proposal to acquire food retail business of Patanjali Ayurved on a lump sale basis subject to the nod of shareholders and other authorities.

Further, the Board also approved the change in name of the company to Patanjali Foods Ltd.

In a regulatory filing, Ruchi Soya said that the Board has approved the business transfer agreement with Patanjali Ayurved Ltd (PAL) to acquire the food retail business undertaking of PAL which consists of manufacturing, packaging, labelling and retail trading of certain food products along with manufacturing plants.

The company said that the strategic initiative for acquisition of food business shall strengthen its food product portfolio with array of brands and also contribute to the growth in terms of revenue and EBIDTA (Earnings before interest, taxes, depreciation, and amortization).

The company said that the cost of acquisition would be Rs 690 crore.

"The acquired food business comprises of 21 major products namely ghee, honey, spices, juices & atta etc. The acquisition is valued at a Fair Market value (Net) of Rs 690 crore based on all the fixed assets of Food division & respective current assets on slump sale basis," Ruch Soya said in a statement.

Yoga guru Ramdev-led Patanjali had acquired Ruchi Soya following completion of corporate insolvency resolution process (CIRP) and implementation of the Patanjali Resolution Plan on December 18, 2019. Since then, the company has been showing sustained financial performance in terms of revenue, EBIDTA and Net profits on QoQ basis.

The company reported revenues of Rs 16,382.97 crore in FY 2020-21 as against Rs 13,175.36 crore in previous year with EBIDTA at 3.48% in FY 2020 and 6.22% in 2020-21.

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Tags: #Ruchi Soya acquires Patanjali's food retail biz# changes name
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