“The transaction shall consist of transfer of employees, assets (excluding Patanjali’s brand, trademarks, designs and copyrights), current assets (excluding debtors, vehicles, cash and bank balance) contracts, licenses and permits, distribution network, customers related to the Food Retail Business Undertaking of Patanjali Ayurved,” the company informed in an exchange filing on Wednesday.
In 2019, yoga guru Baba Ramdev’s Patanjali acquired Ruchi Soya through an insolvency process. In December 2017, the National Company Law Tribunal (NCLT) had ordered the start of insolvency proceedings against Ruchi Soya on application of Standard Chartered Bank and DBS Bank.
Patanjali also disclosed plans to transfer all food business to the company before floating its FPO.
“It will be difficult to make Ruchi Soya the top FMCG company in the food and FMCG space based on its offerings, so we decided to transfer the entire food portfolio to Ruchi Soya. Our food portfolio has very strong brand equity and sells on the basis of brand trust. We house popular products such as chyawanprash, medicated juices, etc,” said Baba Ramdev as quoted saying by Moneycontrol.
Ruchi Soya has enetered into an agreement with Patanjali Ayurvedi Limited (PAL) to take over the latter’s food retail buisness undertaking that includes he manufacturing, retaling, packaging of certain food products.
“The transaction shall consist of transfer of employees, assets (excluding Patanjali’s brand, trademarks, designs and copyrights), current assets (excluding debtors, vehicles, cash and bank balance) contracts, licenses and permits, distribution network, customers related to the Food Retail Business Undertaking of Patanjali Ayurved,” the company informed in an exchange filing on Wednesday.
In 2019, yoga guru Baba Ramdev’s Patanjali acquired Ruchi Soya through an insolvency process. In December 2017, the National Company Law Tribunal (NCLT) had ordered the start of insolvency proceedings against Ruchi Soya on application of Standard Chartered Bank and DBS Bank.
Patanjali also disclosed plans to transfer all food business to the company before floating its FPO.
“It will be difficult to make Ruchi Soya the top FMCG company in the food and FMCG space based on its offerings, so we decided to transfer the entire food portfolio to Ruchi Soya. Our food portfolio has very strong brand equity and sells on the basis of brand trust. We house popular products such as chyawanprash, medicated juices, etc,” said Baba Ramdev as quoted saying by Moneycontrol.
