Patanjali Foods Explained

Patanjali Foods
Type:Public
Isin:INE619A01035
Industry:Food processing
Location City:Indore, Madhya Pradesh
Area Served:Worldwide
Parent:Patanjali Ayurved
Location Country:India
Products:
Revenue: (FY23)
Operating Income: (FY23)
Net Income: (FY23)[1]

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.

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]

Notes and References

  1. News: Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore; dividend declared at Rs 6/share. 17 July 2023 . The Economic Times . 30 May 2023 . en.
  2. News: Ruchi Soya inks MOU with Arunachal Pradesh government . . October 10, 2016.
  3. News: Ruchi Soya buys 50 pc in Gemini for Rs 45 crore . . January 7, 2010.
  4. News: Verma . Anuradha . Widjaja Family Promoted Golden Agri Buying 75% Stake In Ruchi Soya Arm For $25.6M . . November 13, 2014.
  5. Web site: Ruchi Soya's Run Of Bad Luck And A Self-Inflicted Injury. BloombergQuint. 21 June 2018 . en. 2020-04-21.
  6. Web site: Ruchi Soya's lenders to meet today to consider highest bidder Adani Wilmar's Rs 6,000 cr bid. Firstpost. August 2018 . 2020-04-21.
  7. Web site: 2019-12-18. Patanjali Ayurved completes acquisition of bankrupt Ruchi Soya for ₹4,350 cr. 2020-07-13. Livemint. en.
  8. News: Ruchi Soya Industries Ltd now becomes Patanjali Foods Ltd . . Jun 28, 2022.
  9. News: Chakraborty . Chiranjivi . Ruchi Soya acquires biscuits, noodles business of Patanjali ahead of FPO . . Jun 15, 2021.
  10. News: D'Souza . Sharleen . Ruchi Soya acquires Patanjali Ayurved's food business for Rs 690 crore . . May 19, 2022.
  11. News: Ruchi Soya Industries renamed Patanjali Foods with effect from June 24 . 7 February 2023 . Business Standard . 28 June 2022 . en.
  12. News: Sethuraman . Nallur . Upadhyay . Jayshree . India's Patanjali Foods falls after stock exchanges freeze promoters' shares . 18 March 2023 . . 16 March 2023 . en.
  13. News: Bhalla . Akriti . Ramdev's Patanjali Foods has lost its mojo . 18 March 2023 . . 14 March 2023.

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