Ruchi Soya Industries, owned by Patanjali, is being renamed to Patanjali Foods Limited. “The board of directors has decided to change the name of the company to Patanjali Foods Limited or any other name as may be available by the registrar of companies, Maharashtra, Mumbai, subject to all other applicable approvals.”
The edible oil major said it may also evaluate efficient modes of enhancing synergies with Patanjali Ayurved.
Last week, Ruchi Soya said it has repaid Rs. 2,925 crores in loans to banks and has become a debt-free company.
It has recently raised Rs. 4,300 crores through its follow-on public offer, and a part of the proceeds has been utilized to repay debt.
Acharya Balkrishna, MD of Patanjali, announced that Ruchi Soya has become debt-free. In its draft red herring prospectus, the company had mentioned that it would repay its loan of around Rs. 1,950 crores to lenders.
However, the company has decided to repay the entire debt amount of Rs 2,925 crore to its lenders. In 2019, Patanjali acquired Ruchi Soya for Rs. 4,350 crores through an insolvency process.