Mumbai: Baba Ramdev-led Ruchi Soya Industries on Monday stated it will evaluate the most efficient mode to merge Patanjali Ayurved Ltd's food business with itself and further decided to change the name of the company to Patanjali Foods Ltd.

Ruchi Soya recently raised Rs 4,300 crore through a follow-on public offer (FPO).

In its regulatory filing, Ruchi Soya apprised that the board of directors, in the meeting held on Sunday, "gave in-principle approval to evaluate the best way to amalgamate the food business of Patanjali Ayurved Ltd. "

The board authorised the officials of the company to negotiate, finalise and conclude the terms and conditions of the proposed deal.

Last month, Baba Ramdev announced that in the upcoming months, Patanjali Ayurved will transfer all food business to Ruchi Soya. Patanjali Ayurved would operate in the non-food, traditional medicine, and wellness space.

Patanjali Group acquired Ruchi Soya in 2019 for Rs 4,350 crore through insolvency proceedings.