Ruchi Soya Industries Renamed Patanjali Foods With Effect From June 24

The name of Ruchi Soya Industries stands changed to Patanjali Foods with effect from June 24. The firm has also received the certificate of incorporation from the Ministry of Corporate Affairs, it said in an exchange filing.

In May, Ruchi Soya Industries announced the acquisition of Patanjali Ayurved's entire food business for Rs 690 crore, in order to accelerate its transition into an FMCG company.

The acquired food business consists of 21 products such as ghee, honey, spices, juices and atta, to name a few. The board of Patanjali Ayurved had also approved the transfer its food business to Ruchi Soya.

On April 10, The Ruchi Soya board decided to change the company's name to Patanjali Foods.

Patanjali’s food retail business had a turnover of Rs 4,174 crore, up 28 per cent from the previous financial year.

Ruchi Soya had told investors in a note in May, “By acquisition of PAL’s (Patanjali Ayurved’s) food business portfolio, Ruchi’s food portfolio is expected to contribute to approximately 18 per cent of total revenue in the current fiscal (FY23) compared to 6 per cent revenue in FY22. This will have a positive impact on the margin profile as well, and will reposition Ruchi from a largely commodity-oriented company to leading food company in India.

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