Baba Ramdev-led Patanjali Ayurved Ltd will sell 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.
Patanjali Ayurved Ltd had acquired Ruchi Soya through an insolvency process. In a regulatory filing, Ruchi Soya informed that it has entered into a “Business Transfer Agreement” with Patanjali Ayurved Ltd to acquire the food retail business of the latter as a going concern on a slump sale basis.
The food retail business consists of manufacturing, packaging labelling and retail trading of certain food products along with manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra.
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