Ruchi Soya Industries Limited’s Board of Directors voted on Wednesday to change the company’s name to Patanjali Foods Limited.
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A plan to buy Patanjali Ayurved Limited’s food retail division for Rs 690 crore was also accepted by the board.
Ruchi Soya is a member of the Patanjali Group, which is led by yoga guru Baba Ramdev. Ruchi Soya Industries Limited was bought by Patanjali through an insolvency procedure in 2019.
The Board of Directors of Ruchi Soya Industries Limited approved the “change in name of the company from Ruchi Soya Industries Limited to Patanjali Foods Limited subject to, inter alia, securing approval of members, Ministry of Corporate Affairs, and such other applicable statutory/regulatory authorities,” according to a regulatory filing to the stock exchanges.
The availability of the name Patanjali Foods Limited has been certified by the Ministry of Corporate Affairs. As a result, the organisation will face no significant challenges in the name change process.
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Ruchi Soya Industries announced that the Board has approved the “Business Transfer Agreement (“BTA”) with Patanjali Ayurved Limited (“PAL”) to acquire the food retail business undertaking of PAL, which consists of manufacturing, packaging, labelling, and retail trading of certain food products, as well as manufacturing plants in Padartha, Haridwar, and Newasa, Maharashtra (“Food Retail Business Undertak”).
Ghee, honey, spices, juices, and atta are among the 21 primary goods in the acquired food business.
According to Ruchi Soya, the acquisition is evaluated at a fair market value (net) of Rs 690 crore, based on all of the food division’s fixed assets and respective current assets on a slump sale basis.
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