Edible oil manufacturer Ruchi Soya Industries today said its board has approved the merger of Mac Oil Palm, a firm belonging to the company\'s promoters\' group, with itself.

Under the scheme of amalgamation and arrangement, Mac Oil shareholders would receive 20 share of Ruchi Soya for every 67 equities held, Ruchi Soya Industries said in a statement to the BSE.

Mac Oil is engaged in the business of development of oil palm plantation and processing oilpalm fruits. Further, the board of Ruchi Soya also decided to pursue the implementation of agreements signed by the company with various state governments for promotion of oil palm plantation in various parts of the company.

Ruchi Soya wants to implement these agreements as part of its procurement rights, the company said.


Source : http://business-standard.com

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Ruchi Soya Industries Limited wins the Dun & Bradstreet – Rolta Corporate Awards 2008 in the Food & Agro Processing sector.

Dun & Bradstreet (D&B), the world’s leading provider of global business information, knowledge and insight, announced the Dun & Bradstreet – Rolta Corporate Awards 2008. The awards felicitated 52 of India’s leading corporate names across sectors. The occasion also marked the launch of the ninth edition of Dun & Bradstreet’s premier publication, India’s Top 500 Companies 2008.

Ruchi Soya Industries Limited was honoured with the Dun & Bradstreet – Rolta Corporate Awards 2008 in the Food & Agro Processing sector.

The D&B-Rolta Corporate Awards 2008, closely tied to D&B’s study on India’s Top 500 Companies 2008, seek to recognize the twin virtues of size and growth in corporate India.

D&B’s India’s Top 500 Companies 2008 was released by Mr David J Emery, President – Asia Pacific, Dun & Bradstreet, who graced the occasion as the Chief Guest. Mr M S Sundara Rajan, CMD, Indian Bank was the Guest of Honour while Mr K K Singh, CMD, Rolta India Ltd. delivered the key note address at the event.

Speaking at the awards ceremony, Mr. Dinesh Shahra, Managing Director – Ruchi Soya Industries Limited, said, “What makes Ruchi Soya unique is the element of the speed & trust embedded in its organisational culture. Enriched with the revolutionary concept of “Health & Wellness”. Ruchi Soya gives you the power to create “Younger & Stronger India” with due emphasis on Quality & longevity. It is the recognition of our growing strength & enhanced sustainability due to people power” 

Presenting the Dun & Bradstreet – Rolta Corporate Awards 2008, Mr David Emery said, “51 new companies have made it to the Top 500 companies list in this year’s edition. This clearly underscores the growth opportunities that the Indian economy has provided over the past three years, opportunities that have been eagerly grabbed by these ambitious and innovative companies. On the other hand, as many as 31 of the 52 sectoral winners have retained their pole position from the last round of the Corporate Awards. This is indeed commendable – particularly as we see a world around us that is changing so quickly. I would like to congratulate all the award winners tonight as well as all those companies that have featured in the Top 500.”





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Ruchi Soya, Japanese Firms Sign Pact for India Plant

India's Ruchi Soya Industries Ltd. said Monday that it has entered into an agreement with two Japanese companies to set up a manufacturing plant for tomato-based food products in Maharashtra state with an investment of 440 million rupees ($8.1 million).

Ruchi Soya, India's largest edible-oil trading company, and Japan's Kagome Co. will each have a 40% stake in the joint venture, while Mitsui & Co. will hold the remainder, Dinesh Shahra, Ruchi Soya's managing director, told reporters.

"We aim to grab a 20% market share [in India for tomato-based food products] within five years from the start of operation," Mr. Shahra said.

India is witnessing rapid growth in its urban population, and the country's rising number of fast-food restaurants and changing eating habits will boost demand for such products, he added.

According to a report released earlier this month by the Confederation of Indian Industry and McKinsey & Co., Indians are now spending much more on high-value foods such as fruits and poultry and the value of the country's overall food consumption is likely to more than double to 22.5 trillion rupees by 2030 from 11 trillion rupees in 2010.

India and Japan have enjoyed strong economic ties for decades, and many Japanese companies have already invested in sectors ranging from autos to manufacturing.

The plant to produce tomato-based food products, including tomato puree, sauces and ketchup, will likely start commercial production by June 2014 and is expected to generate revenue of 3.4 billion rupees in five years, executives from Ruchi Soya and Kagome said.

India is among the top three tomato-producing countries in the world, with annual production estimated around 17 million metric tons.


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Ruchi Soya in joint venture for tomato products

FMCG company Ruchi Soya Industries today signed an agreement with Japan’s Kagome and Mitsui to set up a joint venture (JV), RuchiKagome, to manufacture tomato products in India.

“Currently the total annual demand for processed tomato in the country is two lakh tonnes. We are planning to launch a range of tomato products along with Kagome,” Dinesh Shahra, Managing Director and Founder of Ruchi Soya said. 

The company is looking to gain about 20 per cent market share in this segment in the next five years.

Ruchi Soya will have 40 per cent stake in the JV and the rest will be held by a special purpose company (SPC) created by Kagome and Mitsui. Kagome and Mitsui own 66.7 per cent and 33.3 per cent stakes respectively in the SPC.

Ruchi-Kagome will set up a manufacturing unit in Maharashtra with initial investment of Rs 44 crore and the commercial production will begin from June 2014, Dinesh Shahra said. 

The company is planning to procure tomato directly from the farmers in the western region, he said. 

In the first phase, Ruchi-Kagome will target business-to-business model in markets in and around Mumbai, NCR and Bangalore and is expecting Rs 340-crore revenue, then it would move to the business-to-consumer, he said. 

“We will also look into exporting our products to countries where our JV is present. However, our initial focus will be on the domestic market,” he said.

India is the second largest tomato producer in the world with 17 million tonnes production annually after China. 

Kagome is a leading tomato product company in Japan and supplies food and beverage products in 50 countries. 

Source : http://thehindubusinessline.com

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