Ruchi Soya Industries gets nod to change name to Patanjali Foods

In March, Baba Ramdev announced that "in the next few months, Patanjali Ayurved will transfer all food business to Ruchi Soya and that Patanjali Ayurved would operate in non-food, traditional medicine and wellness space."

Ramdev had said Ruchi Soya would focus on four business verticals—edible oil, food and FMCG, nutraceuticals, and oil palm plantation.

Last year, Patanjali transferred its biscuits business to Ruchi Soya for a nominal consideration of Rs 60 crore. The combined annual turnover of Patanjali Ayurved group and its subsidiary Ruchi Soya is around Rs 35,000 crore.

Ruchi Soya, which was acquired by the Patanjali group in 2019 for Rs 4,350 crore through an insolvency process, had a revenue of nearly Rs 16,400 crore in FY21.

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Shares of Ruchi Soya Industries ended at Rs 1,096.15, up by Rs 8.60, or 0.79 percent on the BSE.

The company's board of directors had in April approved the change in name. In an interview with CNBC-TV18 in April, Ruchi Soya CEO Sanjeev Asthana had said the company's board of directors had approved "enhancing synergies with Patanjali Foods".

“All the decisions have been made with twin purposes. One, rationalize the product portfolio between effective companies for better clarity for all stakeholders, which means that entire foods’ portfolio will be with Ruchi Soya and non-foods part of the business shall remain with Patanjali," he had said.