GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
2-min read

Adani Group Emerges as Highest Bidder With Rs 6,000 Crore Offer for Ruchi Soya

The Committee of Creditors (CoC) of Ruchi Soya, in its meeting held on Tuesday, opened the bids submitted by the two contenders — Patanjali group and Adani Wilmar, which sells cooking oil under the Fortune brand.

PTI

Updated:June 12, 2018, 8:26 PM IST
facebookTwittergoogleskypewhatsapp
Adani Group Emerges as Highest Bidder With Rs 6,000 Crore Offer for Ruchi Soya
File image of Adani Group chairman Gautam Adani.
Loading...
New Delhi: Billionaire Gautam Adani's group company on Tuesday offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.

Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore, they added.

However, Patanjali will have a right to match the offer under an auction being done under so-called Swiss challenge method.

The Committee of Creditors (CoC) of Ruchi Soya, in its meeting held on Tuesday, opened the bids submitted by the two contenders — Patanjali group and Adani Wilmar, which sells cooking oil under the Fortune brand.

The CoC has decided to conduct Swiss challenge method to maximise the asset value of Ruchi Soya.

When contacted, Haridwar-based Patanjali spokesperson did not disclose the bid value.

However, he raised question over the neutrality of the process citing the media reports of resignation of law firm Cyril Amarchand Mangaldas as advisor of Adani Wilmar. The law firm is also advising the Ruchi Soya's resolution professional.

"We are surprised and sought details from CoC. We have written letter on the issue of resignation of Cyril Amarchand Mangaldas," said Patanjali spokesperson SK Tijarawala.

Sources said lenders who have to recover about Rs 12,000 crore in outstanding loans from Ruchi Soya, were not happy with the initial bids, wherein Patanjali was the top bidder with an offer of around Rs 4,300 crore followed by Adani at Rs 3,300 crore.

Under the Swiss Challenge method, Adani will get another chance to make an offer if Patanjali were to match or better its offer of about Rs 6,000 crore.

Apart from Patanjali and Adani, companies that had shown interest in acquiring Ruchi Soya were Emami Agrotech and Godrej Agrovet.

Patanjali Ayurveda already has a tie-up with the Indore-based Ruchi Soya for edible oil refining and packaging and it wants to further expand into cooking oil business.

Ruchi Soya, which is facing the insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

In December 2017, Ruchi Soya Industries Ltd entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed as interim resolution professional (IRP).

The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.
| Edited by: Aditya Nair
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 180.35 3.23
PC Jeweller 83.80 6.68
Reliance 1,112.20 0.47
Infosys 706.05 1.19
HDFC 1,904.10 -1.95
Company Price Change %Gain
Yes Bank 180.35 3.23
PC Jeweller 83.55 6.64
Jet Airways 259.95 3.22
Indiabulls Hsg 792.80 2.40
IOC 141.45 3.10
Top Gainers
Company Price Change %Gain
Bharti Airtel 319.25 5.33
Yes Bank 180.35 3.23
BPCL 345.30 3.11
IOC 141.25 2.80
ONGC 146.85 2.48
Company Price Change %Gain
Bharti Airtel 318.80 5.32
Yes Bank 180.35 3.23
ONGC 146.95 2.58
NTPC 143.65 1.84
Asian Paints 1,340.05 1.51
Top Losers
Company Price Change %Gain
HDFC 1,904.10 -1.95
HCL Tech 961.20 -1.72
JSW Steel 293.10 -1.66
Wipro 333.10 -1.64
Titan Company 931.50 -1.34
Company Price Change %Gain
HDFC 1,904.15 -1.95
Wipro 333.10 -1.67
Larsen 1,411.55 -0.95
Adani Ports 368.95 -0.65
Sun Pharma 419.75 -0.57

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results