Patanjali_Foods

Patanjali Foods

Patanjali Foods

Indian multinational food and beverage company

Patanjali Foods, formerly known as Ruchi Soya Industries Ltd, is an Indian multinational Fast-moving consumer goods company specialized in the food industry, part of the Patanjali Ayurved. It headquartered in Indore, India.

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History

Ruchi Soya Industries Limited was founded in 1986 by Dinesh Sahara, to manufacturer Soybean edible oil.[2]

In January 2010, the company acquired a 50 percent stake in Gemini Edibles & Fats for ₹45 crore,[3] until the whole company was purchased by the Widjaja family of Indonesia in 2014.[4]

In December 2017, Ruchi Soya Industries entered into insolvency because of its total debt of about ₹12,000 crores.[5][6] In December 2019, Patanjali Ayurved acquired the bankrupt Ruchi Soya for ₹4,350 crore.[7][8]

In June 2021, Ruchi Soya acquired the biscuits and noodles business of Patanjali for ₹60 crore.[9] It acquired the food business of Patanjali Ayurved for around ₹690 crore in May 2022.[10] The company changed its name to Patanjali Foods in June 2022.[11]

In 2023, SEBI froze promoters shares for failing to allow the minimum public shareholding in listed companies at 25%.[12][13]

References

  1. [1]
    "Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore; dividend declared at Rs 6/share". The Economic Times. 30 May 2023. Retrieved 17 July 2023.
  2. [2]
    "Ruchi Soya inks MOU with Arunachal Pradesh government". Indian Express. 10 October 2016.
  3. [3]
    "Ruchi Soya buys 50 pc in Gemini for Rs 45 crore". The Economic Times. 7 January 2010.
  4. [4]
    Verma, Anuradha (13 November 2014). "Widjaja Family Promoted Golden Agri Buying 75% Stake In Ruchi Soya Arm For $25.6M". VCCircle.
  5. [5]
    "Ruchi Soya's Run Of Bad Luck And A Self-Inflicted Injury". BloombergQuint. 21 June 2018. Retrieved 21 April 2020.
  6. [6]
    "Ruchi Soya's lenders to meet today to consider highest bidder Adani Wilmar's Rs 6,000 cr bid". Firstpost. August 2018. Retrieved 21 April 2020.
  7. [7]
    "Patanjali Ayurved completes acquisition of bankrupt Ruchi Soya for ₹4,350 cr". Livemint. 18 December 2019. Retrieved 13 July 2020.
  8. [8]
    "Ruchi Soya Industries Ltd now becomes Patanjali Foods Ltd". The Economic Times. 28 June 2022.
  9. [9]
    Chakraborty, Chiranjivi (15 June 2021). "Ruchi Soya acquires biscuits, noodles business of Patanjali ahead of FPO". The Economic Times.
  10. [10]
    D'Souza, Sharleen (19 May 2022). "Ruchi Soya acquires Patanjali Ayurved's food business for Rs 690 crore". Business Standard.
  11. [11]
    "Ruchi Soya Industries renamed Patanjali Foods with effect from June 24". Business Standard. 28 June 2022. Retrieved 7 February 2023.
  12. [12]
    Sethuraman, Nallur; Upadhyay, Jayshree (16 March 2023). "India's Patanjali Foods falls after stock exchanges freeze promoters' shares". Reuters. Retrieved 18 March 2023.
  13. [13]
    Bhalla, Akriti (14 March 2023). "Ramdev's Patanjali Foods has lost its mojo". The Morning Context. Retrieved 18 March 2023.
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