India

Ruchi fully divests in Kagome tomato joint-venture

By RJ Whitehead

- Last updated on GMT

Related tags: Food

Ruchi fully divests in Kagome tomato joint-venture
Ruchi Soya Industries has sold its share of a joint-venture with Kagome Foods, a Japanese tomato products manufacturer, and investment firm Mitsui & Co.

The company has disposed of its entire stake in the JV company at a consideration of Rs630m [US$9.3m] and has entered into termination agreement and share purchase agreement with Kagome Co and others, on May 20, 2016, resulting into termination of JV arrangement with parties thereto​," India’s biggest manufacturer of edible oils said in a filing to Bombay Stock Exchange. 

Madhya Pradesh-based Ruchi, which is also one of India’s leading exporters of soya meal, lecithin and other food ingredients, entered into the joint-venture in 2013 to launch premium tomato puree, sauces, ketchup and other products in India. News of the sale led the company’s shares to jump by 7% in the day’s trading.

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