Ruchi Soya to sell 51% to Devonshire for Rs 4,000 cr

PE firm will take total control in specific edible oil brands and their distribution

Global private equity (PE) player Devonshire Capital will acquire up to 51 per cent in branded edible oil major Ruchi Soya Industries (RSIL), and 100 per cent in specific brands and their distribution, the latter to be made a specific company to be spun off.
 
Devonshire will invest Rs 4,000 crore to acquire the majority share in the company, including a fresh equity issue in a phased manner. The board of RSIL in a meeting on Thursday approved the proposed equity sale and restructuring. RSIL proposes to issue fresh shares to Devonshire Capital, an Asia-based PE firm which invests