It clocked total revenue of Rs 28,000 crore in FY19 of which Rs 18,000 crore came from the consumer business
Ruchi Soya’s acquisition will not only expand its current business but also be a vital component in Ramdev’s ambitious plan of doubling revenue, which the company failed to do in fiscal 2018.
Ruchi Soya will not only make Patanjali the second biggest edible oil company, but also boost its manufacturing capacity and distribution muscle
In December 2017, Indore-based Ruchi Soya Industries entered the Corporate Insolvency Resolution Process (CIRP).
The company has an exclusive agreement with Ahmedabad-based Vishakha Polyfab Pvt Ltd (VPPL) to avail 'sole usage rights' of introducing and marketing eco-friendly packaging across the edible oil industry, a company statement said.
"@CCI_India finds no Appreciable Adverse Effect on Competition in proposed acquisition of Ruchi Soya by Adani Wilmar Limited," the regulator said in a tweet.
Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev-led Patanjali are in the fray to acquire debt-ridden Ruchi Soya. Adani has emerged as the highest bidder (H1) with an offer of about Rs 6,000 crore, while Patanjali's bid was worth around Rs 5,700 crore.
Patanjali had been given time to counter Adani Wilmar's bid for Ruchi Soya, but it reportedly hasn't raised its offer
Billionaire Gautam Adani's group company Adani Wilmar had offered about Rs 6,000 crore while Patanjali Ayurved bid for around Rs 5,700 crore.
Watch the interview of Atul Chaturvedi, CEO of Adani Wilmar and Siraj Chaudhry Chairman, Cargill India with Manisha Gupta on CNBC-TV18, in which they shared their reading and outlook on commodity markets and particularly the impact of demonetisation on agriculture.
"With the launch of Fortune VIVO, India's first diabetes care oil, we have made a significant addition to our wide range of products. Diabetes is a disease fast growing in the country and VIVO is our contribution towards controlling it," AWL CEO Atul Chaturvedi told reporters.
Pranav Adani has been appointed as an Additional Director of the Company with effect from March 31, 2015, the company said in a filing to the BSE.
Ahmedabad-based Adani Wilmar recently took a decision to extend its franchise into the branded pulses category, while Mumbai headquartered Ruchi Soya Industries will stretch its Nutrela brand into the margarine segment.