NEW DELHI :
Patanjali Ayurved Ltd on Friday said it expects to close the current financial year with a combined turnover of ₹25,000 crore, after it acquired bankrupt Ruchi Soya late last year.
The Baba Ramdev-led company said the company was also in the process of rolling out new products, including honey, value-added flour and premium cooking oils, under Ruchi Soya’s existing Nutrela brand.
In December 2019, Patanjali spent ₹4,350 crore to take over the debt-laden Ruchi Soya through the insolvency process—its maiden acquisition in the consumer goods space.
Ramdev said the company will also liquidate the promoter shareholding in Ruchi Soya over the next two years in line with Sebi regulation. “We will go for Ruchi Soya’s share sale in the next two years in accordance with the regulations.”
BSE-listed Ruchi Soya sells popular cooking oil brands such as Mahakosh Soyabean oil, Ruchi Gold Palmolein and Sunrich sunflower oil and packaged Soya brand Nutrela. New products will include premium Oil Nutrela Gold, Nutrela Honey and Nutrela Protein Atta.
The move is expected to give Patanjali more heft in India’s fast moving consumer goods market where its once-spectacular growth rates have worn off.
Source: Livemint
