Ruchi Soya Industries has acquired over 50% stake in Andhra Pradesh-based Gemini Edible and Fat for Rs 45 crore in order to consolidate its presence in the southern markets. The Ruchi Soya board has approved the acquisition on Tuesday.
Post the acquisition, Ruchi Soya will scale up the annual crushing capacity at Gemini’s Krishnapatnam, Andhra Pradesh, unit by 10% to 24.4 lakh tonne. “The acquisition will help us consolidate presence in Andhra Pradesh, Karnataka and Tamil Nadu,” Ruchi Soya MD Dilip Sahara told ET. After the transaction Gemini, a refiner of edible oil, will become a subsidiary of Ruchi Soya.
Ruchi Soya, the flagship of the Indore-based Ruchi group, has emerged as one of top five FMCG players following the merger of group firms such as Aneja Solvex, General Foods, Ruchi Credit Corporation, Ruchi Health Foods, Param Industries with itself.
It is a leader in the branded edible oil category with brands like Nutrela Soyumm, Ruchi Gold, Sunrich and Mandap. It is also engaged in the soya meal and lecithin.
Source: Economic Times