According to reports, Baba Ramdev’s Patanjali Ayurved is eager to acquire Ruchi Soya after Adani Wilmar withdrew its offer to buy the edible oil maker.
Patanjali Ayurved, which was the second-highest bidder for the company, wrote to resolution professional Shailendra Ajmera and the lenders to Ruchi Soya that Patanjali Ayurved is still interested in the company and is willing to match Adani’s offer if allowed.
The reason for withdrawing the offer worth Rs 5,474-crore by Adani Wilmar was stated in a letter to the resolution professional and the lenders as the delays in closing the process are causing “deterioration of the asset” and are “detrimental to the interest of the stakeholders. As per the reports, Ruchi Soya carries a debt of Rs 9,405 crore to lenders and Rs 1,248 crore to operational creditors.
The offer by Adani Wilmar’s was of Rs 5,474 crore and out of which Rs 4,300 crore was to be paid to lenders. Whereas Baba Ramdev’s Patanjali Ayurved had made a higher offer of Rs 5,765 crore, out of which a smaller amount is left for the lenders at Rs 4,065 crore.
Ruchi Soya has 3.72 million tonnes oil seed extraction capacity in India.