Ruchi Soya Industries Ltd now becomes Patanjali Foods Ltd

Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24.

In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.

In a regulatory filing, Ruchi Soya informed that it has "received an e-mail dated June 27, 2022, from the Ministry of Corporate Affairs mentioning that a fresh 'Certificate of Incorporation pursuant to change of name' dated June 24, 2022, was issued by the Registrar of Companies, Maharashtra, Mumbai".

Accordingly, the name of the company stands changed from Ruchi Soya Industries Ltd to Patanjali Foods Ltd with effect from June 24, 2022.

Ruchi Soya is filing the required documents in respect of the change of name to stock exchanges separately.

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.

Ruchi Soya recently raised Rs 4,300 crore through its follow-on public offer (FPO) mainly to clear its debt.

The company's net profit increased to Rs 806.3 crore in 2021-22 from Rs 680.77 crore a year ago. Total income jumped to Rs 24,284.38 crore during the last fiscal from Rs 16,382.97 crore in 2020-21.

Ruchi Soya sells its products under brands like Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star and Ruchi Sunlight. It is also into oil palm plantations and renewable wind energy business.