New Delhi. Yogaguru Baba Ramdev’s company Patanjali Foods Limited on Friday said it will evaluate the proposal to acquire the non-food business of Patanjali Ayurveda from the promoter group. Patanjali Foods is a company mainly involved in edible oil business. However, the company has not mentioned the categories of non-food products that it is thinking of acquiring. But, sources said it will consider acquiring products in dental care, home care, personal care categories.
The share of these products in the total business of the promoter group led by Baba Ramdev is 50-60 percent. Patanjali Foods said in a filing to the stock market that its board of directors has discussed the preliminary proposal received from Patanjali Ayurveda Limited for the sale of non-food business venture. The company said, ‘The Board of Directors has given its in-principle approval to evaluate the most efficient way to enhance synergy with the non-food portfolio of Patanjali Ayurveda.’
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The board of directors will consider
The board of directors also authorized company officials to conduct its investigation, appoint professionals, negotiate the terms and conditions of the offer and report the findings to the audit committee for further consideration. Patanjali Foods had acquired the biscuits business of Patanjali Natural Biscuits Pvt Ltd for Rs 60.03 crore in May, 2021 to strengthen its products.
Apart from this, it had also acquired noodles and breakfast cereals business for Rs 3.50 crore in June, 2021 and food business from Patanjali Ayurveda for Rs 690 crore in May, 2022. Patanjali Foods Limited (formerly Ruchi Soya Industries), formed in the year 1986, is one of the leading companies manufacturing daily consumption products.
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Tags: baba ramdev, business news in hindi, Patanjali Ayurved Limited, Patanjali Products
FIRST PUBLISHED: April 27, 2024, 14:41 IST