Ramdev-Owned Ruchi Soya Industries Now Becomes Patanjali Foods
Form now on, the name of the company stands changed from Ruchi Soya Industries to Patanjali Foods with effect from June 24, 2022
Edible oil company Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24. Patanjali Foods Ltd in a letter to the stock exchanges has informed about the name change of the company.
In a regulatory filing, Ruchi Soya informed that it has "received an e-mail dated June 27, 2022, from the Ministry of Corporate Affairs mentioning that a fresh 'Certificate of Incorporation pursuant to change of name' dated June 24, 2022, was issued by the Registrar of Companies, Maharashtra, Mumbai".
Form now on, the name of the company stands changed from Ruchi Soya Industries to Patanjali Foods with effect from June 24, 2022.
In 2019, Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Ruchi Soya is filing the required documents in respect of the change of name to stock exchanges separately.
Last month, Patanjali Ayurved sold its food retail business to group firm Ruchi Soya Industries for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
Recently, Ruchi Soya raised Rs 4,300 crore through its follow-on public offer (FPO) mainly to clear debt.
The company's net profit increased to Rs 806 crore in FY21-22 from Rs 680 crore a year ago. Total income jumped to Rs 24,284 crore during the last fiscal year from Rs 16,382 crore in FY20-21.
Ruchi Soya sells its products under brands such as Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star, and Ruchi Sunlight. It is also into oil palm plantations and renewable wind energy business.
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