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Ruchi Soya Industries has acquired the oil refining business of its group company Ruchi Infrastructure for Rs 44 crore. The deal transfers the refining plant at Kakinada in Andhra Pradesh as a going concern to Ruchi Soya Industries.
The oil refinery business of Ruchi Infrastructure includes land, building, the refinery plant and its associated facilities, oil storage tanks, the net current assets and long term foreign currency loans and other facilities. The oil refining business was transferred with effect from September 1, said Ruchi Soya Industries in a statement.
The change in valuation on account of adjustment for value of assets and liabilities will be carried out by competent authorities in the due course, it said.
Ruchi Infrastructure shares gained three per cent to Rs 14 and Ruchi Soya Industries was up one per cent at Rs 40.
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