Rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges
Rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges: Ruchi Soya, one of India’s leading edible oil companies, is set to be renamed as Patanjali Foods Company following the board’s approval. The move comes after the acquisition of Ruchi Soya by Patanjali Ayurved in 2019 for a whopping Rs 4,350 crore.
The board of directors of Ruchi Soya approved the name change at a meeting held on 27th April 2023, and the decision was announced in a regulatory filing to the stock exchanges. The move is in line with the company’s strategy to strengthen the Patanjali brand and expand its presence in the food industry.
The announcement of the name change was well-received by the market, and the stock of Ruchi Soya surged by nearly 10% after the news broke. This indicates the market’s confidence in Patanjali’s ability to turn around the fortunes of the company, which was struggling with debt before the acquisition.
Patanjali, founded by Baba Ramdev, has become a household name in India over the past decade, thanks to its focus on Ayurveda-based products and the aggressive marketing campaigns led by Ramdev. The company has been expanding its presence in the food industry, with products ranging from noodles to dairy products and biscuits.
The acquisition of Ruchi Soya was a significant step in Patanjali’s expansion strategy, as it gave the company access to Ruchi Soya’s extensive distribution network and manufacturing facilities. With the rebranding of Ruchi Soya as Patanjali Foods Company, the company is expected to consolidate its position in the edible oil market and expand its presence in other food categories.
The move is also expected to bring synergy benefits for the company, as it will enable Patanjali to leverage the brand equity of Ruchi Soya, which has been a trusted name in the edible oil industry for decades. The rebranding is expected to be completed in the coming months, subject to regulatory approvals.
Rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges: the renaming of Ruchi Soya as Patanjali Foods Company is a significant development for the Indian food industry, as it reflects the growing dominance of Patanjali in the sector. The move is expected to boost the company’s growth prospects and enable it to take on established players in the industry. With Baba Ramdev at the helm, Patanjali is well-positioned to capitalize on the growing demand for natural and organic products in India and beyond.