Patanjali Ayurved has increased its bid value by around Rs 200 crore to Rs 4,350 crore for bankruptcy-bound Ruchi Soya. This revised offer by Patanjali is likely to be considered by Ruchi Soya soon, as revealed by the reports.
Adani Wilmar, was previously the highest bidder in August last year after a long drawn battle with Patanjali. Adani came out of this deal as the company has withdrawn from the race citing delay in completion of the insolvency process.
While commenting on the increased bid price, Patanjali spokesperson S K Tijarawala said, “We have revised our bid to Rs 4,350 crore from earlier offer of Rs 4,160 crore. We are ready to bail out Ruchi Soya which has biggest infrastructure for soyabean. It’s a national asset.”
He also mentioned that the decision has been taken in the interest of all the stakeholders including farmers and consumers. The Committee of Creditors (CoC) will sit to discuss about the new offer of Patanjali.
In late 2017, Indore-based Ruchi Soya Industries was referred for the Corporate Insolvency Resolution Process. Shailendra Ajmera was appointed the resolution professional (RP) by NCLT on the application of creditors Standard Chartered Bank and DBS Bank under the Insolvency and Bankruptcy Code.
The company, Ruchi Soya has a total debt of about Rs 12,000 crore. The debt-ridden firm has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
Adani Wilmar had reported that the process was getting delayed as Patanjali moved National Company Law Tribunal (NCLT) Mumbai, challenging the lenders’ decision. In December last year, Adani Wilmar had written to the RP regarding significant delays in resolution process, leading to deterioration of the assets.
Patanjali Ayurved had approached NCLT to challenge the decision of Ruchi Soya’s lenders to approve Adani Wilmar’s Rs 6,000 crore takeover bid. Patanjali group came second with around Rs 5,700 crore bid, including the infusion of about Rs 1,700 crore in the edible oil company.