CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. 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.

Detailed explanation-3: -Patanjali Ayurved, which aims to become India’s largest food and FMCG company in the next five years, had transferred its biscuits business to Ruchi Soya for Rs 60 crore. The combined annual turnover of Patanjali Ayurved group and its subsidiary Ruchi Soya is about Rs 35,000 crore.

Detailed explanation-4: -Edible oil company Ruchi Soya has announced that it will buy the food division of Patanjali Ayurved for Rs 690 crore. Ruchi Soya Industries Limited will be renamed as Patanjali Foods Limited after regulatory approval. The 21 products from the food industry acquired include ghee, honey, spices, juices and wheat.

Detailed explanation-5: -Ruchi Soya was purchased by Baba Ramdev-led Patanjali Ayurved for Rs 4,350 crore through an insolvency process in 2019.