The name of the edible oil firm Ruchi Soya Industry Limited has been changed. The company said in a statement that with effect from June 24, the name of this firm has been changed to Patanjali Foods Limited. That is, this firm will now be known as Baba Ramdev’s company. It is worth noting that Ramdev’s company Patanjali had acquired Ruchi Soya in 2019. The deal was completed for Rs 4,350 crore.
In a regulatory filing, the Ruchi Soya firm stated that it had received an e-mail dated June 27, 2022 from the Ministry of Corporate Affairs, issuing a new ‘Certificate of Incorporation for Change of Name’. Thereafter the name of the company has been changed from Ruchi Soya Industries Limited to Patanjali Foods Limited with effect from June 24, 2022.
After changing the name of Ruchi Soya, separate necessary documents are being filed with the stock exchanges. Last month, Patanjali Ayurved Ltd sold its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
On the other hand, Ruchi Soya recently raised Rs 4,300 crore under its follow-on public offer (FPO). With this, the company’s net profit has increased from Rs 680.77 crore in a year to Rs 806.3 crore in 2021-22. At the same time, the total income of the company has increased from Rs 16,382.97 crore to Rs 24,284.38 crore as compared to 2020-21.
Ruchi Soya sells its products under brands like Ruchi Gold, Mahakosh, Sunrich, Nutrella, Ruchi Star and Ruchi Sunlight. It is also into oil palm plantations and the renewable wind power business. Its stock has lost 0.39% on Wednesday since the news of its name change surfaced on Tuesday. At present, its per share price is Rs 1,092.