Riddhi sells Rs 985-cr biz to French co

Riddhi Siddhi said it has sold its starch business to French firm Roquette Freres

Starch processors Riddhi Siddhi Gluco Boils Ltd (RSGBL) today said it has sold its starch business to French firm Roquette Freres for Rs 985 crore.

Under the sale agreement,RSGBL has transferred all the assets of its starch processing plants at Gokak (Karnataka),Pantnagar (Uttarakhand) and Viramgam (Gujarat) to a new entity,Riddhi Siddhi Corn Processing Pvt Ltd (RSCPPL),whose shares have been allotted to Freres.

In a filing to the BSE,the company said,”In compliance of scheme of arrangement sanctioned by Hon’ble Gujarat High Court …all the assets of Wet Corn Milling Section (demerged Undertaking) of company situated at Viramgam,Pantnagar and Gokak stands transferred to RSCPPL.”

Story continues below this ad

Further in compliance of High Court order,the company has been allotted 20 lakh equity shares in RSCPPL and as per understanding with Freres,the said shares have been transferred to them,it added.

“Company has become entitled to receive cash consideration as per the scheme and also for transfer of shares aggregating to Rs 985 crore,” RSGBL said in the communique.

Post the sale,RSGBL does not hold any shares in RSCPPL,it added.

The Ahmedabad-based company is a major starch and starch derivatives processor with products like maize starch powder,liquid glucose,dextrose monohydrate,meltodextrin,high maltose corn syrup,dextrose syrup and allied by-products.

Story continues below this ad

Roquette Freres,with a turnover of 3 billion Euro last year,is one of the world’s biggest starch processors with 30 global establishments,including 17 production sites in Europe,Asia and North America.

Shares of RSGBL at 1520 hrs were ruling strong at Rs 281.00,up by 12.81 per cent from its previous close at the BSE.

Stocks More on Riddhi Siddhi Gluco Boils

Company INFO More on Riddhi Siddhi Gluco Boils

‘Double bonanza for poor, middle class’: PM’s swadeshi pitch ahead of new GST roll out

India4 hr ago

PM Modi announced the rollout of new GST rates, calling it a "GST bachat utsav" and promising cheaper prices for medicines, insurance, and daily essentials. He emphasized that these reforms would ease doing business, attract investment, and benefit the poor, middle class, MSMEs, farmers, women, traders, and youth. He urged citizens to promote swadeshi goods.

View all shorts

Live Blog