Ruchi Soya, the Indian edible oil and soya foods business, and Japanese food and beverage group Kagome Co. have agreed to end their tomato products venture in India.
In a statement to the Bombay Stock Exchange yesterday (22 May), Ruchi Soya said it had sold its stake in Ruchi Kagome Foods India for INR630m (US$9.3m).
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Ruchi Soya added it had entered into a “termination agreement” and a “share purchase agreement” with Kagome and “other” investors.
The Ruchi Kagome Foods India venture was set up in 2013 after a deal between Ruchi Soya, Kagome and Japanese conglomerate Mitsui Co. The agreement saw Ruchi Soya take a 40% stake in the venture, with a separate entity owned by Kagome and Mitsui owning the rest of the business.
The venture was set up to sell products including “premium” tomato puree, sauces and ketchup.
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The most recent financial results from Ruchi Soya came in February, when the company filed its results for the nine months to the end of December.
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By GlobalDataRuchi Soya said revenue from food products stood at INR371.8m, down from INR454.9m a year earlier.
However, profit before tax and finance costs from each segment rose from INR60.7m to INR242m.
