“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.