How Patanjali Plays A Safe Game by Risking Ruchi Soya and SBI

Ruchi Soya Industries on Tuesday announced the acquisition of biscuits business from Patanjali Natural Biscuits Pvt Ltd (PNBPL) in a slump sale at Rs 60.02 crore.

The company, in a regulatory filing, said its Board of Directors on May 10 approved the signing of a Business Transfer Agreement (BTA) in this regard with the PNBPL.

The acquisition will be completed in the next two months, it added.

"The amount of consideration for the acquisition agreed under the BTA is Rs 60.02 crore. ...The transaction is undertaken on a slump sale basis," Ruchi Soya Industries said.

The consideration is payable in two tranches. About Rs 15 crore of the total purchase consideration will be paid on or before the closing date, while the rest Rs 45.01 crore will be paid within 90 days form the closing date, it said.