19 May 2022 , 11:01 AM
This strategic initiative for acquisition of food business shall strengthen its food product portfolio with array of brands and also contribute to the growth in terms of revenue and EBIDTA. The acquired food business comprises of 21 major products namely Ghee, Honey, Spices, Juices & Atta etc. The acquisition is valued at a Fair Market value (Net) of Rs690 crore based on all the fixed assets of Food division & respective current assets on slump sale basis.
In its communication, the company further informed its shareholders that the Board of Directors of Patanjali Ayurved Ltd have also approved this transfer of food business to Ruchi Soya Industries’ Ltd with effective date May 09,2022.
With this acquisition, the company also informed that it has reaffirmed its position to be a strong FMCG company in its journey towards becoming a major player in the FMCG space as committed to its shareholders at the time of its maiden FPO.
The Patanjali Group, one of India’s leading FMCG Group’s with a focus on health and wellness acquired Ruchi Soya pursuant to completion of CIRP and implementation of the Patanjali Resolution Plan on December 18, 2019. Since then, the company has been showing sustained & robust financial performance in terms of revenue, EBIDTA and Net profits on QoQ basis.
The company has reported revenues of Rs16,382.97 crore in FY 2020-21 as against Rs13,175.36 crore in previous year with EBIDTA at 3.48% in FY 2020 and 6.22% in 2020-21.
At around 11:04 AM, Ruchi Soya Industries was trading at Rs1,215.05 apiece up by Rs28.2 or 2.38% from its previous closing of Rs1,186.85 apiece on the BSE.
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