Patanjali Foods

Patanjali Foods Ltd, formerly known as Ruchi Soya Industries Ltd, is a manufacturer of consumer packaged foods in India.

Patanjali Foods Limited
TypePublic
Headquarters
Indore, Madhya Pradesh
,
India
RevenueIncrease ₹31,821 crore (US$4.0 billion) (FY23)[1]
Decrease ₹1,417 crore (US$180 million) (FY23)[1]
Increase ₹886 crore (US$110 million) (FY23)[1]
ParentPatanjali Ayurved
WebsiteOfficial website

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. "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. "Ruchi Soya inks MOU with Arunachal Pradesh government". Indian Express. 10 October 2016.
  3. "Ruchi Soya buys 50 pc in Gemini for Rs 45 crore". The Economic Times. 7 January 2010.
  4. Verma, Anuradha (13 November 2014). "Widjaja Family Promoted Golden Agri Buying 75% Stake In Ruchi Soya Arm For $25.6M". VCCircle.
  5. "Ruchi Soya's Run Of Bad Luck And A Self-Inflicted Injury". BloombergQuint. 21 June 2018. Retrieved 21 April 2020.
  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. "Patanjali Ayurved completes acquisition of bankrupt Ruchi Soya for ₹4,350 cr". Livemint. 18 December 2019. Retrieved 13 July 2020.
  8. "Ruchi Soya Industries Ltd now becomes Patanjali Foods Ltd". The Economic Times. 28 June 2022.
  9. Chakraborty, Chiranjivi (15 June 2021). "Ruchi Soya acquires biscuits, noodles business of Patanjali ahead of FPO". The Economic Times.
  10. D'Souza, Sharleen (19 May 2022). "Ruchi Soya acquires Patanjali Ayurved's food business for Rs 690 crore". Business Standard.
  11. "Ruchi Soya Industries renamed Patanjali Foods with effect from June 24". Business Standard. 28 June 2022. Retrieved 7 February 2023.
  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. Bhalla, Akriti (14 March 2023). "Ramdev's Patanjali Foods has lost its mojo". The Morning Context. Retrieved 18 March 2023.
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