Ruchi Soya Industries to purchase oil refining business for Rs 44 crore

Ruchi Soya Industries has received an approval for purchase of the oil refining business of Ruchi Infrastructure being run at the plant situated at Kakinada, in the State of Andhra Pradesh, as a going concern for a lump sum consideration of approximately Rs 44 crore subject to adjustment for value of assets and liabilities as on the date of closing in accordance with the Business Transfer Agreement. The board of directors at its meeting held on November 14, 2013 has approved for the same. The oil refinery business proposed to be purchased includes land, building, the refinery plant and its associated facilities, oil storage tanks, the net current assets, long term foreign currency loans and other liabilities. The proposed transfer of business will be subject to approval of shareholders and lenders of Ruchi Infrastructure and approvals from statutory / regulatory authorities as required. Ruchi Soya is the largest player in Odisha with access to 28,000 hectares land in Mayurbhanj, Balasore, Bhadrak and Kendrapara districts. ALOK KUMAR PGDM- 3rd SEM