Patanjali Foods To increase its market share, it has announced entry into new business. Patanjali Foods Limited, a company mainly engaged in edible oil business, said that it will evaluate the proposal to acquire the non-food products business of promoter group Patanjali Ayurveda. However, the company did not mention the categories of non-food products it is looking to acquire. But sources said it will look at acquiring products in dental care, home care, personal care categories.
The group received many good proposals
These products account for 50-60 percent of the total turnover of the promoter group led by Baba Ramdev. Patanjali Foods said in a stock exchange filing that its board of directors has discussed the preliminary proposal received from Patanjali Ayurved 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. The board of directors also authorized company officials to conduct its due diligence, appoint professionals, negotiate the terms and conditions of the offer and report the findings to the audit committee for further consideration.
The group made several acquisitions earlier also
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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