The company made the announcement during trading hours today, 29 April 2013.
Meanwhile, the S&P BSE Sensex was up 29.01 points or 0.15% at 19,315.73.
On BSE, 1.85 lakh shares were traded in the counter as against average daily volume of 44,478 shares in the past one quarter.
The stock hit a high of Rs 73.85 and a low of Rs 68 so far during the day. The stock had hit a 52-week high of Rs 95.45 on 18 May 2012. The stock had hit a 52-week low of Rs 56.60 on 15 March 2013.
The stock had outperformed the market over the past one month till 26 April 2013, surging 9.98% compared with the Sensex's 3.11% gain. The scrip had also outperformed the market in past one quarter, sliding 1% as against Sensex's 4.06% fall.
The mid-cap edible oil maker has equity capital of Rs 66.78 crore. Face value per share is Rs 2.
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Ruchi Soya Industries (Ruchi Soya) today, 29 April 2013, announced a joint venture (JV) with Kagome Co. (Kagome), a leading tomato product company of Japan and Mitsui & Co. (Mitsui), one of the world's largest trading, investment and services companies to revolutionize the Indian tomato market estimated to be producing 17 million tons per year. Ruchi Soya will have 40% stake in this JV and rest 60% will be held by a special purpose company (SPC) created by Kagome and Mitsui who own 66.7% and 33.3% share each in the SPC, Ruchi Soya said in a statement.
The JV - Ruchi Kagome plans to launch premium tomato puree, sauces, ketchup and other world-class products in India. It has identified land in Maharashtra to set up a manufacturing plant, with an initial investment of Rs 44 crore, which is expected to be ready for commercial production by June 2014. Ruchi Kagome will work closely with Indian Farmers to drive a tomato revolution in the country through higher yielding seed, sharing global knowledge to educate local tomato producers & setting up local support centers to handhold farming community in India, Ruchi Soya said in a statement.
Currently India is second largest producer of tomatoes and also one of the major importers of processed tomato products. Factors such as lack of awareness about the market, poor harvest management and inefficiencies in the value chain have always been an obstruction for Indian trade. Ruchi Kagome plans to partner with the Indian Farmers to take Indian tomatoes to global standards and enable India to create import substitution, Ruchi Soya said in a statement.
Commenting on the JV, Mr. Dinesh Shahra, Founder and Managing Director, Ruchi Soya said, "Ruchi Kagome is all set to tap the rapidly growing FMCG and Processed Foods business in the country. We are planning to launch a range of tomato products, based on world class technology to be provided by Kagome. These products will be marketed in both, the Business to Business (Food Services) segment and the Business to Consumer (Retail) segment".
Mr. Hidenori Nishi, President, Kagome said, "Kagome Group supplies food and beverage products in approximately 50 nations throughout the globe. This new venture is a strategic fit for our global expansion plan. Kagome is aiming to contribute to the wellbeing and longevity of people in the rapidly expanding Asian market, by creating new, regionally based solutions for Tomato. We strongly believe that the radical improvement in the purchasing power of Indians, health consciousness and change in the consumption pattern of people in the country are some of the potential future business drivers for us as we are entering India".
Mr. Yasuharu Fujiyoshi, COO, Food Products and Services, Mitsui said, "All the partners in the JV are committed to the integration of the entire value chain for tomato and its processed products in India over the long term. Our key initiatives include acceleration of the implementation of a global strategy and acceleration of business development in emerging markets with rapid economy growth".
Kagome is the pioneer of tomato processing in Japan, well-known as a processed tomato business leader in Japan and now becoming a global supplier of processed tomato. Kagome provides a wide range of products including vegetable-based foods and drinks for both consumer and institutional customers.
Founded in 1947, Mitsui has global operating locations, network and information resources, pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the fields of iron & steel products, mineral & metal resources, infrastructure projects, integrated transportation systems, chemicals, energy, food resources, food products & services, consumer services, innovation & corporate development business.
Ruchi Soya Industries' net profit jumped 105.4% to Rs 49.41 crore on 17.6% growth in net sales to Rs 8175.16 crore in Q3 December 2012 over Q3 December 2011.
Ruchi Soya Industries is India's leading FMCG company and India's number one cooking oil and soya food maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other key regions of the world. Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.
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