Sime Darby confirms eyeing stake in India's Ruchi Soya
Published on: Friday, February 23, 2018
Kuala Lumpur: Sime Darby Plantation Bhd's interest in acquiring a stake in India's ailing vegetable oil producer Ruchi Soya Industries Ltd is still at a preliminary stage, said Executive Deputy Chairman and Managing Director Tan Sri Bakke Salleh.Speaking to the media here Thursday, he said the company would determine an indicative offer price only after doing due diligence and various other steps."Ruchi Soya is one of the largest palm oil players in India with a 25 per cent market share and it has a number of brands. We do plan to buy a stake in the company and we will work on something.ADVERTISEMENT "There are principles that underpin our investment decision….If it is a good investment, we will go ahead and then the financial decision will follow suit," he said at a briefing on Sime Darby Plantation's results for the second quarter ended Dec 31, 2017.News that Sime Darby was eyeing the company first broke in the Indian media.Stay up-to-date by following Daily Express’s Telegram channel.
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Ruchi Soya is India's largest manufacturer of edible oil. The company was reported to post a wider net loss of Rs 1,956.60 crore (RM1.18 billion) in the quarter ended December 2017 against a net loss of Rs 216.83 crore (RM130.63 million) a year earlier. – Bernama