Ruchi soya will get a new name, reports RajkotUpdates.news The board of patanjali foods corporation approves stock increases – A prominent Indian FMCG company, Ruchi Soya, has changed its name to Patanjali Foods Company. In a meeting conducted on April 3, 2023, the board of directors of Ruchi Soya accepted the name change, prompting the announcement. To better reflect the brand identity of its parent firm, Patanjali Ayurved, the business was renamed.
Journey of Ruchi Soya
The history of Ruchi Soya is extensive and famous. Dinesh Shahra and his family launched the company in Indore in 1986. Since its beginnings, Ruchi Soya has experienced remarkable growth and is currently one of India’s top FMCG companies. The business is well-known for its dairy goods, soy-based foods, and edible oils.
One of India’s major FMCG firms, Patanjali Ayurved, purchased Ruchi Soya in 2019 for INR 4,350 crore. The purchase was a component of Patanjali’s plan to broaden its product line and increase its market position in the FMCG industry.
To highlight the company’s affiliation with Patanjali Ayurved, Ruchi Soya was renamed Patanjali Foods Company. At a meeting on April 3, 2023, the board of directors of Ruchi Soya approved the name change.
The renaming of Ruchi Soya as Patanjali Foods Company is a big milestone for us, according to Acharya Balkrishna, Managing Director of Patanjali Ayurved, who was speaking about the change. It demonstrates our dedication to supporting the Ayurvedic way of life and offering our customers wholesome, all-natural food products.
The name change announcement caused a 10% increase in the price of Ruchi Soya’s stocks. Investor faith in the Patanjali brand and its growth prospects was the primary factor driving the spike in stock prices.
The company’s economic prospects should improve as a result of the renaming of Ruchi Soya. The business will now be able to use Patanjali Ayurved’s brand reputation to increase its market share in the FMCG industry.
The FMCG Industry’s Impact from Ruchi Soya
For many years, Ruchi Soya has been a significant player in India’s FMCG market. The company is well-known in the edible oil industry thanks to the success of its flagship brand, Nutrela. A variety of dairy products and foods based on soy are also available from Ruchi Soya.
In order to diversify its product line and increase its market position in the FMCG industry, Patanjali Ayurved strategically purchased Ruchi Soya. The acquisition aided Patanjali Ayurved in expanding its market share in the edible oil sector and breaking into the dairy and soy-based food goods markets.
Image of Patanjali Ayurved
The Ayurvedic goods produced by Patanjali Ayurved, which use natural and herbal ingredients, are well-known. With the idea of natural and healthy living as its cornerstone, the company has developed a strong brand image that appeals to Indian customers.
The company hopes to increase its market share in the FMCG sector by leveraging Patanjali Ayurved’s brand image by rebranding Ruchi Soya as Patanjali Foods Company. Indian consumers have confidence in the Patanjali brand, and the company’s emphasis on natural and healthy products is in sync with shifting consumer expectations.
The strategic rebranding of Ruchi Soya as Patanjali Foods Company is anticipated to improve the company’s commercial prospects. The business will now be able to use Patanjali Ayurved’s brand reputation to increase its market share in the FMCG industry.
Between 2021 and 2026, the FMCG sector in India is anticipated to expand at a CAGR of 9%. Rising income levels, shifting customer preferences, and increased organized retail penetration all contribute to the growth. Ruchi Soya has changed its name to Patanjali Foods Company, positioning the business well to take advantage of growth prospects in the FMCG industry.
An important change that demonstrates the company’s dedication to advancing the Ayurvedic way of life and offering its customers healthy and natural food items is the renaming of Ruchi Soya as Patanjali Foods Company. The company’s move to change its name is anticipated to improve its business prospects and aid in the expansion of its market share in the FMCG industry.
RajkotUpdates.News: Patanjali Foods Company Board Approves Stock Surges for Ruchi Soya
Why was Patanjali Foods Company renamed from Ruchi Soya?
The Patanjali Foods Company was once known as Ruchi Soya to indicate its connection to Patanjali Ayurved.
Ruchi Soya’s proprietor?
The largest FMCG company in India, Patanjali Ayurved, is the owner of Ruchi Soya.
What goods is Ruchi Soya selling?
Ans: Ruchi Soya sells a variety of goods, including dairy items, soy-based foods, and edible oils.
What caused the stock price to soar when Ruchi Soya changed its name?
A 10% increase in Ruchi Soya stock prices was seen after the name was announced.
What purpose does Ruchi Soya’s renaming serve?
Ans: The company’s dedication to promoting the Ayurvedic way of life and offering its customers healthy and natural food items is reflected in the rebranding of Ruchi Soya.