Ruchi Soya sells stake in JV firm

The Dollar Business Bureau

Ruchi Soya announced that they have sold their entire stake to the joint venture firm Ruchi Kagome Foods India for Rs.63 crores.

The company in a BSE filing said that they have disposed a complete stake into the joint venture firm for Rs.63 crores and have also signed a Share Purchase agreement and Termination Agreement with Kagome company and others on May 20, 2016. This has resulted in the termination of joint venture arrangements with other parties.

In 2013, the company got into a JV with Kagome Co. and Investment, the Japanese tomato products company and Mitsui & Co., for manufacturing ketchup, tomato puree and other products in India.

For the launch of products like healthy cooking oil in India, Ruchi had tied up with Toyota Tsusho Corporation and J-Oil Mills.

It also formed a joint venture with D.J. Hendrick, a Canadian Research company with a view to offering high yielding non-GM soya seed variety to the Indian Farmers.

Ruchi Soya is the chief manufacturer of soya food, edible oils, Vanaspati, premium table spread, and bakery fats. The brands owned by the company are Mahakosh, Nutrela, Ruchi Gold and Sunrich

Ruchi is also the main exporter of lecithin, soya meal and other food ingredients from India.