New Delhi: Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process.
The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Sources said Patanjali settled Rs 4,350 crore of dues Ruchi Soya had towards financial creditors by infusing Rs 1,100 crore equity and arranging another Rs 3,250 crore via debt.
The acquisition of Ruchi Soya by Patanjali Ayurveda has been completed, sources said, adding that the amount has been transferred to an escrow account and disbursals to financial creditors are in process.
When contacted, Patanjali Ayurveda spokesperson S K Tijarewala said: "We have completed all the formalities and the entire amount of debt and equity has been deposited. Now, officially Ruchi Soya has become Patanjali group firm."