Patanjali Biscuits Business: Ruchi Soya Industries will acquire Patanjali’s biscuit business Patanjali Natural Biscuits Private Limited for Rs New Delhi
Patanjali Biscuits Business: Ruchi Soya Industries has announced on Tuesday that it will acquire Patanjali’s biscuit business Patanjali Natural Biscuits Private Limited. The deal has been finalized for Rs 60.02 crore. The company has said that on May 10, the Board of Directors has also signed the Business Transfer Agreement.
Payment will be made in two installments
The process of this acquisition will be completed in the next two months. Ruchi Soya Industries has said that the acquisition money will be given in two installments. Of this, 15 crore rupees will be paid on or before the closing date of the agreement and the remaining 45 crore rupees will be repaid within 90 days of the closing date.
The company will also have assets and employees to transfer.
There are some contract manufacturing agreements in this transaction as well as the assets of the company will be transferred along with the employees. All licenses and permits, including current assets and current liability, will also be transferred to Ruchi Soya. The acquisition aims to further enhance the company’s existing product portfolio.
Patanjali had bought a loan with a debt-ridden company
Ruchi Soya doing business in India with brands like Nutrilla, Mahakosh, Ruchi Gold, Ruchi Star and Sunrich. There was a time when Ruchi Soya was steeped in heavy debt, after which in 2019 Patanjali Aryved bought the company for Rs 4350 crore. For this, Patanjali himself had to take a loan of Rs 3200 crore. Patanjali had taken a loan of Rs 1200 crore from SBI, 400 crore from Syndicate Bank, 700 crore from Punjab National Bank, 600 crore from Union Bank of India and Rs 300 crore from Allahabad Bank. Both companies belong to
Baba Ramdev !
Even though one company is seen buying another company here, it is also important to know that both companies belong to Baba Ramdev. Pantjali was started in 2006 by Baba Ramdev and Acharya Balakrishna. Acharya Balkrishna currently holds 99.6% of the company’s stake, but Baba Ramdev is the company’s co-founder. At the same time, if you talk about interest, Baba Ramdev is a non-executive non-independent director (Non Exe.Non Ind.Director) in this company.
60.02 crore. Under this acquisition, all the assets of the company to its employees will now be of interest. The company has said that on May 10, the Board of Directors has also signed the Business Transfer Agreement.
