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“The company has signed a memorandum of understanding (MOU) with Yoga Guru Baba Ramdevji promoted Patanjali Ayurved for an exclusive sales and distribution arrangement for the entire range of Patanjali edible oil in large packs,” Ruchi Soya Industries said in a statement.
Under the terms of the MOU, Ruchi Soya would use its own extensive distribution network to sell the complete range of Patanjali edible oils in large packs across all regions of India.
Under the agreement, Ruchi Soya has exclusive distribution rights for the existing as well as future range of Patanjali edible oils in large packs. The MOU will be followed by signing of a detailed service agreement for an initial period of three years, similar to the previous processing and packaging agreements concluded between Ruchi Soya and Patanjali Ayurved earlier this year, it added.
At 10:44 am, the stock was up 11% at Rs 24.75 on BSE, against 0.26% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 2.9 million shares changed hands on the BSE and NSE so far.