Patanjali Foods renamed Ruchi Soya Industries; Edible oil shares

Ruchi Soya Industries announced the name change at a board meeting on Wednesday, May 18. According to the board, Patanjali Foods will be renamed Ruchi Soya Industries Limited.

“We would like to inform you that the Board of Directors of the Company has approved the renaming of the company from Ruchi Soya Industries Limited to Patanjali Foods Limited on May 18, 2022, subject to the approval of the members, among other things, the Ministry of Corporate Affairs. Regulatory Authority, “Read a refueling filing by the company

The Board has approved Business Transfer Agreement (“BTA”) with Patanjali Ayurveda Limited (“PAL”) for acquisition of PAL’s food retail business venture. Patanjali Ayurveda Ltd Food Retail Business has concerns over the production, packaging, labeling and retail business of some food products as well as the substance, Haridwar, and manufacturing plant in Nevasa, Maharashtra, subject to recession, subject to shareholder approval. Authorities may require such.

Shortly after the announcement, Ruchi Soya Industries rose 6% to Rs 1,153.95 on the BSE at 2.45 pm on Wednesday.