2024-04-28 21:43:02
New Delhi: Baba Ramdev‘s company Patanjali Ayurved Limited is preparing to sell its non-food business. This includes the business of toothpaste, oil, soap and shampoo. Baba Ramdev’s listed company Patanjali Foods Limited has been given a proposal to buy it. The company said in an information given to the stock market that it has received a letter regarding the sale of non-food business of Patanjali Ayurveda Limited. The company’s board discussed the proposal on April 26. Patanjali Ayurveda was founded by Baba Ramdev. He is the promoter of the company while Acharya Balkrishna is its MD. Non-food business accounts for more than 50 percent of the total business of the promoter group. Patanjali Foods Limited says that it has given in-principle approval for evaluation of this proposal. Edible oil manufacturing company Patanjali Foods Limited was earlier known as Ruchi Soya Industries. In the year 2019, Baba Ramdev’s company Patanjali Ayurveda had bought it for Rs 4,350 crore in the insolvency process. The name of the company was changed to Patanjali Foods Limited in June 2022. In May 2021, this company had purchased Patanjali Biscuits Private Limited for Rs 60.03 crore. After this, in June 2021, it bought the noodles and breakfast cereals business of Patanjali Ayurveda for Rs 3.50 crore. In May 2022, Patanjali Foods bought the food business of Patanjali Ayurved Limited for Rs 690 crore.
This company is about to slip from Baba Ramdev’s hands, know who has made a bigger bid than Patanjali
Patanjali Foods business
Patanjali Foods said in a regulatory filing that Patanjali Ayurveda’s proposal matches the company’s product portfolio and can play a significant role in the company’s revenue and EBITDA growth. Patanjali Foods Limited is among the top FMCG companies of the country. Apart from edible oil, the company’s business also extends to Food & FMCG and Wind Generation segments. Its portfolio includes brands like Patanjali, Ruchi Gold and Nutella. Patanjali Ayurveda was in the news recently. The Supreme Court had reprimanded Baba Ramdev and Balkrishna for misleading advertisements. Both of them had also publicly apologized for this.