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Ruchi Soya Industries was acquired by Baba Ramdev-led Patanjali Ayurved for Rs 4,350 crore through an insolvency procedure in 2019. The company is involved in oleochemicals, edible oils, vanaspati, textured soy protein, oil palm plantations and renewable wind power generation.
Ruchi Soya To Be Renamed Patanjali Foods Company Board
The renaming of Ruchi Soya to Patanjali Foods is expected to have several benefits for the company. First, it will help the company to establish itself as a major player in the FMCG industry. This will also lead to increased revenue for the company. Additionally, the renaming will make it easier for consumers to recognize and recall the brand. Finally, it will align the products of both companies with Patanjali’s expansion plans.
The merger will bring a large portfolio of FMCG products to the Patanjali stable. This will include a range of cooking oils, vanaspati and soya foods, as well as health and wellness products. The deal will also give Patanjali access to the Indian market, which is currently growing at 15% to 25% annually.
Patanjali Ayurveda already has a presence in the edible oil segment, having acquired Ruchi Soya in 2019 through an insolvency process. In addition, the company has a robust distribution network and a customer base. This will allow the new entity to tap into these markets, and potentially grow faster than it would have been able to otherwise.
However, the transaction is not without its challenges. The first hurdle is the need to obtain regulatory approvals from government agencies. Another obstacle is the need to establish an efficient supply chain. In addition, the company will need to invest in marketing to promote its products. These obstacles will be significant, but if the company can overcome them, it will have the potential to become one of the largest players in the FMCG industry.
Investors are enthusiastic about the deal, and Ruchi Soya’s share price jumped by 10% after the announcement. This suggests that investors are optimistic about the potential of the company to grow rapidly in the coming years.
The renaming is a big step for the company, which has ambitions to make itself a household name in India. The company plans to expand its footprint in the domestic and international markets. The renaming will also improve consumer perception of the brand by associating it with the popular Patanjali name. The move will also help to attract more investors.
In addition to its agri-food business, the company also operates in the energy and oil palm sectors. The company sells its products under a number of brands, including Ruchi Gold, Mahakosh, Sunrich and Nutrela. It also offers financial services to small businesses. In April, the company raised Rs4,300 crore through a follow-on public offer (FPO). The funds will be used to reduce debt and further expand its operations. The company plans to become debt-free in the next three-four years. It has a goal of making its entire business eco-friendly by 2022. The company has also launched an online marketplace called Patanjali Bazaar. It sells products to a large number of retailers across the country.
Patanjali Foods To Be Merged With Ruchi Soya
The Ramdev-led Patanjali group has acquired the food business of a Rs 690-crore company, which was previously under insolvency proceedings. The acquisition includes the transfer of employees, fixed assets and current assets of the food business. It also includes the production plants located at Padartha, Haridwar and Newasa in Maharashtra. The acquisition will reaffirm the group’s position as a strong FMCG player in the country, it added.
The merger of the companies will make them one of the largest food and beverages companies in India. Combined, the company’s revenue is expected to reach Rs 35,000 crore. The merger will also help the company expand its exports and improve its overall efficiency. The company is currently focusing on the development of its new products and implementing cost-cutting measures.
Ram Bharat, the Managing Director of Ruchi Soya, has been appointed as the CEO of the merged entity. He is a first-generation entrepreneur who has transformed the company into a successful business. He believes in simple living and high thinking and focuses on motivating the employees to achieve excellence. He is a strong supporter of Swami Ramdev and a firm believer in the philosophy of “Self-reliance and Self-achievement.”
He has been credited with the creation of more than 200 products, including Dant Kanti toothpaste, which became a hit and is a part of many households. His efforts have helped the company shed its debt and become a profitable enterprise. He is the perfect person to lead the company into the next phase of its growth.
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In a separate development, the Board of Directors of Ruchi Soya Industries Ltd has approved the merger of Gemini Edibles and Fats India Pvt Ltd with the Company. The merged entity will be renamed as ‘Patanjali Foods’ and will have an effective date of June 22, 2022, following approval by the Members through postal ballot (conducted through remote e-voting) and registration with the Registrar of Companies. The merger will be subject to other applicable approvals. The new name will be displayed on the consolidated share capital of the merged entity, the Company said in a statement.
Patanjali Foods To Be Merged With Patanjali Ayurved
After the acquisition of Ruchi Soya, Patanjali Ayurved will be one of the biggest food and FMCG companies in India. The yoga tycoon Baba Ramdev has said that he wants to make Patanjali a global company in the next five years. But his track record with his previous venture, Ruchi Soya, makes investors sceptical.
The company has been in the news for its financial troubles and the controversies surrounding it. In January this year, it was reported that the company owes banks Rs 43,000 crore. This led to the government considering a takeover of the company. However, it later rescinded its decision.
Last year, the company had acquired Ruchi Soya through an insolvency process. It also merged its packaged food business with the edible oil company. The combined entity now operates under the name Patanjali Foods. The merger will help the company expand its portfolio of products and reach a wider consumer base.
The deal will be completed in the first half of 2022, subject to approval from shareholders and other authorities. The consideration of the acquisition will be paid in cash and the consideration amount will be adjusted against PAL’s existing debt. The business transfer agreement (BTA) between the two parties includes the transfer of employees, current assets including inventory, receivables, fixed assets and machinery, contracts, licenses and permits, distribution network, customers and business, and other assets.
Upon the completion of the acquisition, the company will be called Patanjali Foods Limited. It will focus on four business verticals, namely edible oil, food and FMCG, nutraceuticals, and oil palm plantation. It will also aim to become a zero-debt company and increase the size of its food portfolio.
It will be a significant addition to the existing food business of Patanjali Ayurved, which already has a large presence in the packaged food segment. The company also plans to boost its production capacity by setting up additional refinery units. It currently has 22 production plants and a refining capacity of 11,000 tonnes per day.
Its market leadership position in the edible oil space will further strengthen its portfolio of offerings. Its flagship brand, Ruchi Gold, is the country’s top-selling palm oil. The company has also developed 57,000 hectares of oil palm cultivation in the country.
The combined entity will be the second largest edible oil company in the world, with a market share of more than 10 per cent. It is expected to benefit from a host of factors, including higher household incomes, urbanisation rates, and changing dietary habits. It will also enjoy the benefits of the strong promoter pedigree and proven track record of the Patanjali group. It will also leverage the strengths of both entities, including their sourcing capabilities, technical know-how, and extensive distribution networks. The company will continue to invest in research and development to enhance its product portfolio.
