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EXCLUSIVE


RUCHI SOYA REPAYS ENTIRE LOANS OF RS 2,925 CRORE

Baba Ramdev's Patanjali Ayurved-led Ruchi Soya has recently raised Rs 4,300
crore through its follow-on public offer, and the part of the proceeds has been
utilised to repay the debt.

 * PTI
 * April 09, 2022, 07:53 IST

 * 
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Edible oil major Ruchi Soya on Friday said it has repaid Rs 2,925 crore loans to
banks and has become a debt-free company.

Baba Ramdev's Patanjali Ayurved-led Ruchi Soya has recently raised Rs 4,300
crore through its follow-on public offer, and the part of the proceeds has been
utilised to repay the debt.

Acharya Balkrishna, MD of Patanjali Ayurved Ltd, tweeted that Ruchi Soya has
become debt-free.



In its draft red herring prospectus, the company had mentioned that it would
repay loan of around Rs 1,950 crore to the lenders, a company spokesperson said.

However, the company has decided to repay the entire debt amount of Rs 2,925
crore to its lenders.

The money was paid to a consortium of bank led by State Bank of India. The other
banks in the consortium are Punjab National Bank, Union Bank of India, Syndicate
Bank and Allahabad Bank.

In 2019, Patanjali had acquired Ruchi Soya for Rs 4,350 crore through an
insolvency process.



RUCHI SOYA FIXES FPO ISSUE PRICE AT RS 650 PER SHARE; TO RAISE RS 4,300 CRORE

Patanjali Ayurved-owned Ruchi Soya on Thursday fixed the issue price of its
follow-on public offer at the upper limit of its price band at Rs 650 per equity
share to raise Rs 4,300 crore.

See More Details


RUCHI FPO: 97 LAKH SHARES WITHDRAWN

About 97.4 lakh shares by nearly 14,600 investors were withdrawn from the Rs
4,300-crore Ruchi Soya follow-on public offering (FPO) as the deadline for the
same closed on Wednesday evening.

See More Details


RUCHI SOYA ISSUES CLARIFICATION ON UNSOLICITED SMSES ON FPO

The advertisements reportedly came after market regulator Securities and
Exchange Board of India (SEBI) directed the company to give the investors who
participated in its Rs 4,300-crore follow-on public offering (FPO) the option to
withdraw their bids due to "circulation of unsolicited SMSes advertising the
issue" ...

See More Details


AIMING TO MAKE PATANJALI & RUCHI SOYA NO. 1 FMCG FIRM IN 5 YEARS: RAMDEV

When asked about the group's current revenue and ranking in the sector, Ramdev
said, " Our combined turnover of Patanjali group, including Ruchi Soya, is over
Rs 35,000 crore and it is ranked second in the FMCG and food space, after HUL."

See More Details


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EXCLUSIVE


BARRY CALLEBAUT SAYS STAYING IN RUSSIA 'FEELS RIGHT' FOR NOW

The company reported higher first-half profits and sales volumes overall, helped
by a recovery in the global chocolate market. But Moscow's invasion of Ukraine
has forced all consumer goods companies with a presence in Russia to rethink
strategies.

 * Reuters

Click Here to Read This Story
 * 
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ZURICH: Swiss chocolate maker Barry Callebaut will keep operating in Russia to
help customers and employees there, even though images from the war in Ukraine
create "enormous pressure," it said on Wednesday.

Shares in the Zurich based-group fell more than 5% as some analysts worried
about its - albeit small - exposure to the turbulent Russian market, as well as
flattish first-half earnings per tonne of chocolate sold.

The company reported higher first-half profits and sales volumes overall, helped
by a recovery in the global chocolate market. But Moscow's invasion of Ukraine
has forced all consumer goods companies with a presence in Russia to rethink
strategies.



While customer Nestle has stopped selling most foods, including KitKat chocolate
bars, in Russia, Barry Callebaut's three Russian factories and 500 staff are
still working.

"We are under enormous pressure just watching the images we get from the war and
we cannot not look into the boardroom of other companies," Chief Executive Peter
Boone told reporters.

He said the question of whether to stay in Russia was raised "internally and
externally" and even by his children, but it was important to protect the jobs
of staff in Russia.

"It feels right because we are in contact with our 500 colleagues in Russia,
they clearly have not asked for this decision by the Russian government. For us,
it feels like the right thing to do to stay close for our employees and our
customers," he said, adding the company's chocolate and cocoa went into all
kinds of products including drinks and breakfast cereals.

He said the business in Russia - the fourth-largest chocolate confectionery
market, according to Euromonitor - represented less than 5% of group volumes and
the company was taking a 5 million Swiss franc ($5.4 million) impairment to
reflect the increased risk of customer default there. It has also stopped new
capital investment in the country.



Shares in the group were down 5.7% at 1123 GMT, underperforming the European
food sector index.

"The exposure to Russia with close to 5% of the group's volume as well as the
flattish EBIT per tonne despite strong volume growth could partly explain the
share price drop," Vontobel analyst Jean-Philippe Bertschy said in an emailed
comment.

Boone said it was difficult to get raw materials to Russia, but still possible
as food is not covered by Western sanctions.

The company confirmed its goals for 5-7% sales volume growth and earnings before
interest and tax above volume growth for the three years to August 2023.

Strong chocolate sales and a recovery in its gourmet business with restaurants
helped sales volumes rise 8.7% in the six months to the end of February. Net
profit climbed 3.1%.


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EXCLUSIVE


RECKITT BEGINS PROCESS 'AIMED AT' TRANSFERRING RUSSIAN BUSINESS

"We will work closely with our colleagues in Russia on the details of the
various options available to ensure an orderly process," Reckitt said in a
statement.

 * Reuters

Click Here to Read This Story
 * 
 * 
 * 
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LONDON: Reckitt Benckiser Group on Wednesday said it had begun a process aimed
at transferring ownership of its Russian business, becoming the first major
personal goods maker to do so following the country's invasion of Ukraine.

The maker of Durex condoms, Strepsils throat lozenges and Lysol cleaning
products said its decision may include a transfer to a third party or to its
local employees.

"We will work closely with our colleagues in Russia on the details of the
various options available to ensure an orderly process," Reckitt said in a
statement.



"We will do our utmost to ensure those colleagues' ongoing employment in any new
structure and we commit to paying their monthly salaries and benefits until the
end of 2022," it added.

The announcement comes after Moscow suggested it could nationalise the assets of
foreign firms that leave the country.

A Reckitt spokesperson declined to comment further.

The company, which has about 1,300 workers in Russia, has continued providing
basic health and hygiene products for sale.

Reckitt previously said it was not making money in Russia, and that it had
stopped all advertising, promotion and sponsorships in the country, as well as
freezing capital investments there.

Consumer companies from Nestle to Procter & Gamble have come under tremendous
pressure from consumers, employees, activist groups and politicians, including
Ukrainian President Volodymyr Zelenskiy, over their presence in Russia.

It is the latest in a string of woes for the makers of everything from cereal to
soap that are also struggling with cost inflation, pricing pushback from
retailers and supply chain disruptions.

Reckitt did not detail the financial impact of its decision. It has one factory
in Russia, with the country accounting for roughly 2% of its sales.



Camel and Lucky Strike cigarette maker British American Tobacco Plc is exiting
in a similar fashion and is in advanced talks to transfer its Russian business
to its local distributor, SNS Group of Companies. It has cut its 2022 fiscal
guidance as a result.

BAT and Reckitt join more than 600 companies which have withdrawn from Russia in
some way since the country launched what it calls a "special military operation"
in Ukraine on Feb. 24, leaving behind assets that had been worth hundreds of
billions of dollars in aggregate.

But the consumer goods industry's response has been more nuanced, with many
companies saying a total withdrawal could deprive ordinary Russian people of
essentials like baby food and medication.

Nestle, the world's biggest food maker, said last month that it was suspending
sales of the "vast majority" of its products in Russia, including KitKat
chocolate bars and Nesquik drink mix.

Meanwhile, Dove soap maker Unilever will stop imports and exports to and from
Russia, while Tide detergent maker P&G has stopped new capital investments in
the country and is only providing essential goods.


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EXCLUSIVE


SMOKERS LIGHT UP SALES OF CIGARETTE FIRMS IN MARCH QUARTER

Overall cigarette sales volume in the last quarter is estimated to be almost 2%
more than the sales in pre-Covid fourth quarter of 2018-19, and 8-10% higher
than a year earlier, going by latest reports by over half a dozen brokerages.

 * Writankar Mukherjee
 * ET Bureau

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Smokers are lighting up more, helping cigarette sales in the country surpass
pre-Covid levels for the first time in the quarter ended March amid improved
consumer mobility, reopening of offices, and increasing social events.

Overall cigarette sales volume in the last quarter is estimated to be almost 2%
more than the sales in pre-Covid fourth quarter of 2018-19, and 8-10% higher
than a year earlier, going by latest reports by over half a dozen brokerages.

Cigarette sales had fallen year-on-year in the quarter ended March 2020 as
Covid-related restrictions had started in March.



As per the reports, lower priced sub-64 mm cigarettes sales have surpassed
pre-Covid levels, while the premium king size cigarettes are showing good
growth.

Industry executives said cigarette demand trajectory will continue to improve in
the current fiscal due to stable taxation, which will rule out any massive price
hike and help the legal cigarette industry claw back share from the illegal and
illicit segment that holds one-fourth of the total market.

The government has not increased taxes on cigarettes for two consecutive years.
It has also ended all pandemic-related restrictions.

ICICI Direct Research in a last week report said it expects cigarette companies
ITC Ltd and VST Industries to see 7% and 10% volume growth, respectively, "with
volumes surpassing pre-Covid levels, given offices, restaurants, pubs are
completely open after lifting of all mobility restrictions".

Companies have been pushing multiple new products and variants into the market
to revive sales after a slump due to pandemic-induced lockdowns and
restrictions.

Role of Excise Duties, Tax Stability
ITC, which accounts for three out of every four cigarettes sold in the white
market in the country, has launched packs of five cigarettes of its bestselling
brands such as Gold Flake and Capstan.



After the fall in 2020-21, cigarette sales had started to improve July 2021
onwards, after the second wave of the pandemic, when restrictions started to
ease progressively. While sales had improved substantially in the
October-December quarter, still it was below pre-Covid levels. The Omicron wave
impacted cigarette sales in January, but withdrawal of all restrictions due to
all-time low Covid-19 infection rates from February boosted demand.



ICICI Direct analyst Sanjay Manyal said stable taxation and excise duties on
cigarettes would aid volume growth for cigarette companies, which have been one
of most unsettled industries from Covid-related disruptions.

Market leader ITC has grown its cigarettes sales on a year-on-year basis in the
last four quarters, although on a lower base.

Brokerages like Nirmal Bang and Axis Capital have estimated that ITC's three
years' cigarette volume growth will be a CAGR of 1.5-2%.

An email sent to ITC remained unanswered as of press time Wednesday.



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EXCLUSIVE


DR OETKER BECOMES MARKET LEADER IN PEANUT BUTTER CATEGORY; TO CROSS RS 500 CR
TURNOVER IN 2022

The company on Tuesday announced that it has become a market leader in the
peanut butter category with about 30 per cent market share.

 * ETRetail

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New Delhi: German foods major Dr Oetker aims to cross Rs 500 crore turnover mark
in this calendar year, Oliver Mirza, managing director and CEO of Dr Oetker
SAARC told ETRetail.

Mirza said that in the calendar year 2021, Dr Oetker grew by 28 percent over
2020 and recorded a turnover of Rs 425 crore.

“We have doubled sales every four years. So that means statistically in four
years it's going to be Rs 850 crore and in five or six years hit 1000.”



Dr Oetker, which is a popular name in tier 1 markets, is also witnessing strong
growth in tier 2 and 3, shared Nrusimha Panda, vice president of sales at the
company. He said that due to increased awareness over the last 5 years, tier 2/3
markets have grown faster than tier 1 and presently account for a third of the
business for the brand.

The company, which is present in more than 50 countries, entered India in 2008.
In India, the brand is known for its offerings such as mayonnaise, spreads, and
peanut butter through FunFoods by Dr Oetker.

The company on Tuesday announced that it has become a market leader in the
peanut butter category with about 30 per cent market share.

“We have been brand leaders in mayonnaise for many years and now we have
leapfrogged into the #1 position in peanut butter. Despite the emergence of
several newcomers in mayonnaise and peanut butter, we dominate both categories
and in the coming years, we will continue to build innovative offerings that
meet the taste palate needs of people yet are aspirational in nature,’’ said
Mirza in a prepared statement.

Dr Oetker’s nut butter spreads have been growing at a CAGR of 41 per cent over
the last 5 years, the company claimed. In FY2021, the sale of peanut/choco
spreads amounted to Rs 81 crore.



“Our sales propensity in nut butter spreads has been on a growth spree for the
last 5 years, with a CAGR of 41% and we expect the figures to continue soaring
with introduction of innovative products, SKUs and packaging formats to suit
consumer needs and tastes,” Panda said in an official statement.

To expand the peanut butter category, the company will focus on targeted
audiences such as gym-goers and fitness enthusiasts. The brand recently launched
new products to cater to this audience.

Additionally, over the next few months, Dr Oetker plans to renovate its Italian
sauces category, Panda shared. The company will be focusing on developing
relevant products for the consumers such as preservative-free sauces, he added.


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EXCLUSIVE


PLASTIC BAN: IMPORTED PAPER STRAWS TO HAVE COST IMPLICATIONS, SAYS PACKAGED FOOD
INDUSTRY

Arguing that there is no viable alternative at present, industry body Action
Alliance for Recycling Beverage Cartons (AARC) and Home-grown FMCG major Dabur
India said there is a need to extend the deadline by at least two-three years
for a smooth transition

 * PTI

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(Representative image)Manufacturers of small packaged fruit juices and dairy
products have sought an extension of the July 1 deadline, for implementing the
ban on plastic straws and said imported paper straws are expected to increase
their input cost but unlikely to meet the industry's requirement.

Arguing that there is no viable alternative at present, industry body Action
Alliance for Recycling Beverage Cartons (AARC) and Home-grown FMCG major Dabur
India said there is a need to extend the deadline by at least two-three years
for a smooth transition.

The government's ban on single-use plastics, to be effective from July 1, will
also impact the plastic straws that are packaged with small juice and milk
beverage packs sold by food companies.



"We would urge the government to extend the implementation date of the ban till
proper infrastructure for producing paper straws locally is developed," Dabur
India CEO Mohit Malhotra told PTI.

Expressing similar views, AARC said the ban is going to have a big impact as
there are no alternatives at the moment.

"The industry has been working on biodegradable PLA straws as alternatives but
these are still 9-12 months away from validation. The industry is also looking
to import paper straws, whatever could be imported, though there is not enough
availability globally," said AARC CEO Praveen Agarwal.

According to him, production and sales will stop to a large extent if the
government does not extend the deadline for the industry, which is estimated to
be around Rs 6,000 crore.

Also globally, there are limited manufacturers of straw line machines, and they
have long waiting periods, he added.

"So despite the industry wanting to fast-track, it will take some time," said
Agarwal, adding, "we have spoken to the government to give us transition time.
We need at least two to three years for every plastic straw to be replaced by
either bio-compostable or paper straws."

Malhotra of Dabur said importing paper straws will also have cost implications
on companies, which will lead to loss of revenue to the government exchequer,
and this runs contrary to the spirit of the government's Atmanirbhar Bharat
initiative.



When reached out for comments, the leading milk supplier in NCR Mother Dairy
said it is currently assessing the situation.

"We foresee initial hiccups in implementation and execution, and are working out
on alternatives for a smoother transition to ensure business continuity while
adhering to the norms," said a Mother Dairy Spokesperson.

Agarwal said the industry supports the government's initiative, but "there could
have been a difference made between loose straws and the integrated ones that
come with packaging, as the industry collects and recycles more than 50 per cent
of cartons and straws already and is committed to take it to 70 per cent this
year".

Dairy cooperative GCMMF, which markets products under the Amul brand, on Monday
said alternatives to plastic straws are 3-4 times costlier and not effective,
adding that such straws do not even account for 0.1 per cent of total plastic
consumption.

GCMMF managing director R S Sodhi suggested adopting extended producer
responsibility for using straws with milk beverage packs.

"Straws are not even 0.1 per cent of total plastic consumption. The alternatives
are at least 3-4 times costlier and not as effective as straw. We are ready to
adopt Extended Producer Responsibility (EPR) for plastic straw," said Sodhi.

EPR guidelines for plastic packaging, which were notified by the environment
ministry this February, provide a framework to strengthen the circular economy.

According to the new rules, the producers, importers and brand-owners shall have
to provide the details of recycling certificates only from registered recyclers
along with the details of quantity sent for end-of-life disposal by June 30, of
next financial year, while filing annual returns on the online portal of the
Central Pollution Control Board.

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EXCLUSIVE


FSSAI'S NEW STAR RATING SYSTEM FOR PACKAGED FOOD FACES A REVOLT

The People's Vigilance Committee, in an April 8 letter addressed to the health
ministry, stated that nutrition warnings on food packs are an "urgently required
intervention" to protect public health.

 * Ratna Bhushan
 * ET Bureau

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Food Safety and Standards Authority of India (FSSAI) chief executive officer
Arun Singhal told ET that the regulator plans to go ahead with a new star rating
system for packaged foods and beverages, instead of telling companies to use
warning labels on the basis of ingredients. The move has been opposed by close
to a dozen consumer and health advocacy groups, which argue that the measure
won't help shoppers looking to eat healthy.

Consumer Voice, Nutrition Advocacy for Public Interest (NAPi), Civic Action
Group (CAG), People's Vigilance Committee (PVC), Consumer Unity & Trust Society
(CUTS) International and Centre for Science and Environment (CSE) are among
those that have written to the health ministry and in some cases the Prime
Minister's Office over the past four-five weeks, opposing the FSSAI move. The
People's Vigilance Committee, in an April 8 letter addressed to the health
ministry, stated that nutrition warnings on food packs are an "urgently required
intervention" to protect public health.

The organisations say in their letters, copies of which ET has accessed, that
star ratings will dilute warnings on high sugar, salt and saturated fats that
exceed threshold limits. They called for direct warning labels on packs.





Singhal, however, told ET: "The IIM-A has recommended health star ratings after
a survey on over 20,000 Indian consumers. We will go by what consumers have
preferred."

The regulator had mandated the Indian Institute of Management, Ahmedabad, to
conduct a detailed report on front-of-pack labelling for packaged and processed
foods in the middle of last year, the first time an external entity was roped in
for the purpose.

'Rating Model Misleading'
Consumer Voice chief executive Ashim Sanyal said: "How does FSSAI expect
consumers to figure out what the ratings even mean? What is needed is upfront
labels of the foods being high in sugar or salt. Internationally too, the
ratings system has failed to rein in consumption of junk foods."

The FSSAI is set to release the draft regulations shortly, followed by the final
guidelines. The rules have been at the consultation stage for seven years. The
upcoming move will directly impact makers of packaged foods and beverages such
as Nestle, PepsiCo, ITC, Hindustan Unilever and Britannia.

Sanyal alleged that the FSSAI's move is in the "interests of large foods
companies, not consumers". CUTS International and CSE noted that the star rating
model is misleading since warnings about excess unhealthy ingredients would be
overshadowed by healthier nutrients in the algorithm used to calculate the
rating.



In February this year, a study by the All India Institute of Medical Sciences
(AIIMS) had stated that consumers prefer direct warnings as the most effective
type of labelling to warn them about excess salt, sugar and fats in packaged
processed foods. They are ready to make healthier food choices on the basis of
clear, front-of-pack labels instead of star ratings, which would be difficult to
understand, according to the study.

Processed and packaged food companies have conveyed their reluctance to
implement such front-of-pack labelling, since it would directly impact
consumption, said people with knowledge of the matter.

According to existing guidelines, some amount of back-of-pack ingredient
labelling is mandatory, including symbols to signify red for non-vegetarian and
green for vegetarian.

Chile and Brazil are among the countries that have adopted 'high-in' warning
labels upfront on their food packs, which has succeeded in reducing consumption
of unhealthy ultra-processed foods and beverages, experts said.



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EXCLUSIVE


RUCHI SOYA CEO ON TURNING ZERO-DEBT CO AND REBRANDING AS PATANJALI FOODS

“We have used most of the proceeds for retiring our debt and other obligations.
The balance will be used as working capital and some of it will go to other
general corporate purposes. The company is in a very strong position because our
cash flows are throwing up more funds for operations and expanding working
capital.”

 * ET Now

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“The businesses will be split between the two entities. Our structure will get
entirely cleaned up. All the non-food FMCG businesses like personal care, home
care, ayurvedic medicines will remain with Patanjali Ayurved Ltd. The entire
food portfolio will move to the new entity,” says Sanjeev Asthana, CEO, Ruchi
Soya.

Ruchi Soya has announced that you have prepaid all the debt. That is something
you have talked about in the runup to the FPO as well. What does it mean for
your balance sheet?
The balance sheet is absolutely cleaned up. As a zero debt company, our ability
to invest in businesses, to expand the portfolio of the products that we have,
becomes way better. We are a much more robust company and a stronger company
financially and business wise.

Nearly Rs 3,000 crore of debt that has been paid and the biggest lender was SBI.
You mopped up Rs 4,300 crore via the FPO and nearly Rs 3,000 crore is going in
for debt. What do you use the balance proceeds for?
We have used most of the proceeds for retiring our debt and other obligations.
The balance will be used as working capital and some of it will go to other
general corporate purposes. The company is in a very strong position because our
cash flows are throwing up more funds for operations and expanding working
capital. Right now, we are pretty happy with the way things have gone and as we
continue to invest in the businesses but this is something which we will
continue and you will hear more from us in the coming months.



What kind of revenue potential do you now see for the combined entity?
I would not speculate on the exact size and the revenues of Patanjali right now.
It would be very improper till we get the full details and both the committees
have worked through that. But suffice to say, the scale is large. This is a pure
play food FMCG business that Patanjali runs which has got some of the
illustrated list I can share. These are household names and all of us at some
point of time or the other have it at our homes. For example, Patanjali has been
a pioneer in building cow ghee category, Patanjali Chyawanprash, aloe vera
juice, refined oils. The list is very long.

As we start working through the numbers, through the product lines and seek the
necessary approvals from respective shareholders, we also work through the
regulators. It will become clearer but the whole intent now is that we want to
expeditiously move in the direction of integrating that business with Ruchi Soya
and we have also made an application subject to the necessary approvals to
convert the name of Ruchi Soya to Patanjali Foods Ltd.

This is an intent and not a sudden move. Ramdevji had declared this intent long
back in multiple calls with all the stakeholders including the investors that
these are the plans. We declared everything in our regulatory documents as well
that it would be the intent, but that being behind us, now is the time for
action.



The first action that we did was on the day of listing, we paid off the entire
debt; next, within four days, we are moving ahead with the change of the name as
well as moving ahead with the integration of the food businesses app.

What is the future plan? What is Baba Ramdev’s grand vision for the next five to
10 years? Would there be further additions from the Patanjali portfolio into
this entity?
At this stage, we have completely cleared up the structure. There was a
confusion in the marketplace on some duplication of products. There was
confusion and constant questions that we used to get from stakeholders. That’s
how the businesses will be split between the two entities. Our structure will
get entirely cleaned up. All the non-food FMCG businesses like personal care,
home care, ayurvedic medicines will remain with Patanjali Ayurved Ltd. The
entire food portfolio will move to the new entity. But to answer your question
specifically, there is no intent at this point of time or even a discussion to
move anything else from Patanjali other than the food portfolio.

There is a lot to digest and do because there is a lot of action going on at
Ruchi Soya and hopefully we will digest it. We want to come good to the market
in terms of the commitments that have been made and basically get down to the
basics of doing good hard work, execute it well and demonstrate a good
performance to ourselves and the marketplace and all the stakeholders.

Can you give us ballpark numbers on what we can expect in terms of potential
revenue growth from the food portfolio?
The food portfolio is growing between 10% and 15% year-on-year. There are two
steps to the strategy; one is that we have very strong brands in Nutrela and
that we are converting to an umbrella brand and adding a whole lot of more
products under Nutrela brand.

The second part is our very extensive portfolio of the edible oil brands like
Mahakosh and Ruchi Gold and Sunrich. We are focussing on a lot more to build up
greater traction with the customer.

The third piece of course is going to be the Patanjali Foods new business. We
will go through a lot of rationalisation in terms of a) expanding the existing
portfolio because the industry is in a growth mode; and secondly to build up the
FMCG foods business into a substantially large business.

Unfortunately that number I am not at liberty to disclose right now but suffice
to say, it is going to be in a large scale and that is what we are
aspirationally getting ready for. You will hear from us within one or two months
in terms of scope, scale and the size of what we are going to acquire and how it
is going to impact the fortunes of Ruchi Soya or the renamed entity, subject to
approvals.


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EXCLUSIVE


RUCHI SOYA RENAMED PATANJALI FOODS LIMITED: FILING

"The board of directors have decided to change the name of the company to
Patanjali Foods Limited or any other name as may be available by the registrar
of companies, Maharashtra, Mumbai subject to all other applicable approval." it
said in a BSE filing on April 10.

 * TIMESOFINDIA.COM

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NEW DELHI: Patanjali owned Ruchi Soya Industries said its board has approved
changing its name to Patanjali Foods Limited or any other name as may be made
available by the registrar of companies.

"The board of directors have decided to change the name of the company to
Patanjali Foods Limited or any other name as may be available by the registrar
of companies, Maharashtra, Mumbai subject to all other applicable approval." it
said in a BSE filing on April 10.

The edible oil major said it may also evaluate efficient modes of enhancing
synergies with Patanjali Ayurved, it said in the filing.



Last week, Ruchi Soya said it has repaid Rs 2,925 crore loans to banks and has
become a debt-free company. It has recently raised Rs 4,300 crore through its
follow-on public offer, and a part of the proceeds has been utilised to repay
debt.

Acharya Balkrishna, MD of Patanjali Ayurved, tweeted that Ruchi Soya has become
debt-free.

In its draft red herring prospectus, the company had mentioned that it would
repay its loan of around Rs 1,950 crore to lenders, a company spokesperson said.
However, the company has decided to repay the entire debt amount of Rs 2,925
crore to its lenders.

The money was paid to a consortium of bank led by State Bank of India. The other
banks in the consortium are Punjab National Bank, Union Bank of India, Syndicate
Bank and Allahabad Bank.

In 2019, Patanjali had acquired Ruchi Soya for Rs 4,350 crore through an
insolvency process.

(With inputs from agencies)


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EXCLUSIVE


REVERSE MIGRATION UPS FOOD, HEALTH COS' SALES

During the pandemic, when several migrant workers returned to their hometowns,
they willy-nilly transported urban habits of food consumption and personal
hygiene to these places. Such borrowed behaviour is now seeing traction in
tier-2 and -3 towns, and possibly pockets of rural India as well.

 * Namrata Singh
 * TNN

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Representative ImageDuring the pandemic, when several migrant workers returned
to their hometowns, they willy-nilly transported urban habits of food
consumption and personal hygiene to these places. Such borrowed behaviour is now
seeing traction in tier-2 and -3 towns, and possibly pockets of rural India as
well.

Although consumers are battling high inflationary pressures, demand for health
and functional foods is growing with better accessibility to such products
through e-commerce networks. The pace of growth in these categories quickened
post-pandemic when the consumer adopted healthier eating habits.

Dabur India marketing head Mayank Kumar said, “When people migrated from big
cities like Bengaluru to smaller towns, they carried the habit of consuming
healthy and functional foods. However, what has helped people in these places
adapt such consumption habits is the reach of e-commerce. The penetration of
e-commerce beyond the metros found the right consumers who had sampled such
products and were now ordering it online. This helped consumers in smaller towns
to sustain the habit of consuming functional and healthy foods.”



Inflationary pressures are a challenge currently, but healthy and functional
foods are likely to also gradually percolate down to rural India in future. In a
recent report, market data provider Euromonitor International’s senior research
manager Ina Dawer said, “Indian cities are the new demand hotspots for packaged
food brand owners. The heightened interest in self-care and increased home
cooking has brought significant attention to food, while consumers’ reverse
migration to tier-2 and -3 cities has influenced and urbanised food trends in
smaller cities and towns. It has therefore become essential for companies to
reassess and reformulate their product and channel strategies to remain
competitive.”

“While tier-1 cities continue to remain strategically important and priority
markets, food companies must explore growing opportunities in the tier-2 cities
as adoption of different packaged food categories increases,” Dawer said. She
added that the urbanisation of food trends in tier-2 & -3 cities, and consumers’
willingness to pay more for foods with health claims will create fresh growth
pockets for newer brands. Additionally, multinationals will also be able to
extend the distribution of their premium and healthier packaged food product
portfolios beyond tier-1 cities.



To help consumers combat high costs, Dabur, for one, is working on bringing low
price variants in its current category of beverages.

It’s not just packaged foods where the trend is visible. Personal hygiene
practices of urban consumers are also being emulated by those in small towns. An
ICICI Securities report quotes Colgate-Palmolive India MD Ram Raghavan as
saying, “We are witnessing more blending of environment in terms of aspirations,
behaviour, practices, product, categories, etc, between urban and rural areas.
Rural saw a spurt of growth last year with reverse migration due to Covid, in
which these consumers took their urban consumption habits to rural areas,
driving further blending of behaviour.”

However, Raghavan added that in the short term, rural consumers are facing
income and liquidity challenges which would impact consumption.



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EXCLUSIVE


FERRERO RECALLS KINDER CHOCOLATES IN US OVER SALMONELLA FEARS

The company said it was cooperating with the Food and Drug Administration over
reported salmonella cases in Europe, announcing the precautionary recall of two
chocolate varieties from three retailers in the United States.

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WASHINGTON: Italian confectionery giant Ferrero said on Thursday that it had
recalled certain varieties of its Kinder chocolates from retailers in the United
States over a possible salmonella contamination.

The move follows recalls earlier this week in the United Kingdom and several
European countries over concerns around products from Ferrero's factory in the
Belgian town of Arlon, although no Kinder products have so far been found to
contain the disease.

The company said it was cooperating with the Food and Drug Administration over
reported salmonella cases in Europe, announcing the precautionary recall of two
chocolate varieties from three retailers in the United States.



"There are no confirmed cases in the US to date and no other Kinder or Ferrero
Products are affected by this recall," the company said in a statement.

Ferrero added that it was working closely with the retailers to ensure the
products were no longer "available for purchase."

"We take food safety extremely seriously and every step we have taken has been
guided by our commitment to consumer care."

Salmonella is a type of bacteria that can cause symptoms including diarrhea,
fever and stomach cramps in humans, and is one of the most common food-borne
infections. Most cases are caused by the ingestion of food contaminated with
animal or human feces.

Britain's Food Standards Agency has said 63 cases of salmonella have been
identified across the UK.

In France, 21 cases have been reported and 15 reported having eaten the Kinder
products that have now been recalled, according to the French public health
service.




FERRERO RECALLS UK KINDER SURPRISE CHOCOLATE EGG OVER SALMONELLA FEAR

"We are voluntarily recalling selected batches of Kinder Surprise as a
precautionary step, since we have become aware of a possible link to a number of
reported cases of salmonella," the recall notice said.

See More Details


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