Ruchi Soya set to buy Patanjali’s biscuits biz

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.

The transaction includes certain contract manufacturing pacts along with transfer of employees, current assets and current liabilities, licenses and permits (excluding certain assets and liabilities of PNBPL as specified under the BTA).