Ruchi Soya Industries Ltd., a very reputed Food and Agri FMCG company which also happens to have an impeccable record in cooking oil and soy foods sales set up a few agreements yesterday with Baba Ramdev Ji’s Pantanjali Ayurved Ltd to scale up processing .The refining and packaging tie-up has now been extended to include processing and packaging of edible oils at Ruchi Soya’s plants at Madhya Pradesh and Gujarat, along with Rajasthan which was signed In February 2017.
Dinesh Shahra, Managing Director of Ruchi Soya Industries says, “We are glad to enhance our relationship with the addition of two of our major plants for processing and packaging edible oils for Patanjali. This expanded association is testament to the quality of edible oil processed and packaged at Ruchi Soya’s facilities. We have been cognisant of the need to utilize the idle capacity and our efforts to explore opportunities in this direction shall continue.”
Initially, the agreement had been signed for Rajasthan however, looking at the strong demand for the 3 major varieties of edible oils- soybean, sunflower and mustard oils; both the companies have decided to working together in terms of for processing and packaging and thereby, allowing them to rapidly scale up and position themselves in the Rs. 1, 25,000 crore edible oil market. Ruchi Soya Industries is to work in compliance with to Patanjali’s oil processing quality standards.
Satendra Aggarwal, Chief Operating Officer, Ruchi Soya Industries says, “Patanjali is eyeing sales of Rs. 20,000 crore in three to four years’ time from the cooking oils business.” But that does not mean Ruchi Soya Industries will not benefit from these business endeavors as this business expansion will give the company leeway to bring down production costs and increase profits.