FMCG firm Ruchi Soya Industries said it has sold its entire stake in joint venture (JV) firm, Ruchi Kagome Foods India, for Rs 63 crore. “The company has disposed off its entire stake in the JV company at a consideration of Rs 63 crore 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,” it said in a BSE filing.
In 2013, Ruchi Soya had announced the JV with Japanese tomato products firm Kagome Co and investment and trading firm Mitsui & Co to launch premium tomato puree, sauces, ketchup and other products in India. Besides this JV, Ruchi Soya has also tied up with J-Oil Mills and Toyota Tsusho Corporation to launch innovative products like functional healthy cooking oils in India. It has also formed a JV with a Canadian Research company – D J Hendrick — to offer high yielding non-GM soya seed varieties to Indian Farmers.