On Tuesday, the board of directors of Ruchi Soya Industries approved a proposal to change its name to Patanjali Foods Private Limited. The proposal was approved unanimously at the meeting of the board held here. The name change comes after the firm acquired the famous brand and its subsidiaries Ruchi Soya Industries Pvt. The company had been struggling for nearly two months to persuade the market regulator to change its name as it had received a complaint from an industrialist for using his trademark “Patanjali” on its products.” The move aims to consolidate its position as a leading packaged foods company.”
What is a ruchi soya food company?
A ruchi soya food company is a company whose primary business is to make food with soya. These companies produce tofu, soy sauce, soymilk, and other products made from soya beans. With over 1,000 products (including over 300 varieties of organic soya beans) and over 4,500 SKUs, Ruchi Soya is the largest manufacturer of soya products in India. Founded in 1986 by Mr. Pramod Giri, Ruchi Soya’s vision is to become the leader in the Indian soya market and to substantially change millions of people’s lives through healthy, nutritious, and economic soya products.
How is rajkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges?
Ruichi Soja, which changed its name to Patanjali Foods Ltd in October, said on Monday that the board had approved a capital infusion of Rs 1,200 crore to fund its existing operations. The company’s share price jumped 4.9 percent to Rs 3,750. The stock had hit its 52-week high of Rs 3,834.50 on August 8. The shares touched a lifetime high of Rs 3,818.35 on August 12. Ruichi Soja said in a regulatory filing that the capital infusion would help the company to build infrastructure, scale up its production capacity and expand its retail network across India.
Why israjkotupdates.news : ruchi soya to be renamed patanjali foods company board approves stock surges?
So far, there hasn’t been any official announcement as to why the name change will occur. However, sources have indicated that the name change may be due to a brand infringement lawsuit with Patanjali Ayurveda. This might also result from a change in the company’s strategy or the need for more sales in some of its products. The board approved the change at its meeting on Friday. It said the new name was inspired by the brand’s heritage and “commitment to high-quality products for the benefit of the Indian community.” The company had been criticized for using the word ‘soya,’ which many consumers associate with genetically modified food.
In conclusion, The board of Patanjali Foods approved a proposal to change its name to “Patanjali Ayurveda Limited.” This means that the name Ruchi Soya, owned by Hindustan Unilever Limited, will be replaced by Patanjali Ayurveda Limited. Patanjali Foods, which is an arm of Vedic food and beverages conglomerate the Ramdev-run Patanjali Ayurved Limited, was originally founded in 1990 and manufactures soya oil for commercial and retail markets. The company has expanded into branded food products in the last four years, including soya milk, ghee, snacks, biscuits, cereals, sauces, and seasonings. Patanjali Foods, which posted revenues of ₹4,500 crore (Rs 45 billion) in FY15, recorded a net profit of ₹200 crore (Rs 2 billion) in FY15.
1. What’s the story behind the name change?
The company has been called Ruchi Soya International since 1996, when the Patanjali Group established it.
2. How did the company get its new name?
The company was renamed after the founder of the Patanjali Group, Baba Ramdev.
3. What’s the background behind the name change?
The company will now be known as the Patanjali Foods Company.
4. What does the company produce?
The company makes products that are used in Ayurvedic medicine.