Adani Wilmar, Ruchi Soya to set up JV for oil & grain biz
Aiming to create one of India's leading FMCG companies, edible oils major Adani Wilmar and Ruchi Soya on Wednesday agreed to form a JV that will combine their vegetable oil, soya foods and grains businesses. Adani Wilmar, which sells edible oils under Fortune brand, would hold 66.66 per cent stake in the proposed joint venture company and Ruchi Soya would hold the rest. Ruchi Soya Industries and Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, have "agreed to combine their respective procurement, marketing, distribution and sales businesses" for specific products, the companies said in separate regulatory filings. These businesses are: oilseeds and vegetable oils, oilseeds crushing/extractions/refining, derivatives and by-products.