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“The acquisition is valued at a Fair Market value (Net) of Rs 690 crore based on all the fixed assets of Food division & respective current assets on slump sale basis,” the company statement said.
Ruchi Soya will also get the manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra. The company said that the Patanjali Ayurved Ltd’s Board has also approved this transfer of food business to Ruchi Soya with an effective date of May 09.
The company informed that the business transfer will be carried out in three tranches. In the first tranche, Rs 103,50,00,000/- (Rupees One Hundred Three Crores Fifty Lakhs only) for 15 per cent of the total purchase consideration shall be simultaneously paid with the execution of the business transfer agreement or within three days from the execution of the business transfer agreement.
In the next tranche, Rs 293,25,00,000/- (Rupees Two Hundred Ninety Three Crores Twenty Five Lakhs only) for 42.5 per cent of the total purchase consideration shall be paid on the closing date (defined under the...