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.