Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
2-min read

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

Patanjali, the only other qualified player in the race, 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

PTI

Updated:June 12, 2018, 9:06 PM IST
facebookTwitterskypewhatsapp
Adani Group Emerges as Highest Bidder With Rs 6,000 Crore Offer for Ruchi Soya
Workers transport tins of edible oil inside a storeroom of Adani Wilmar Ltd at Mundra, 375 km (233 miles) from Ahmedabad. (File photo: REUTERS)
Loading...

New Delhi: Billionaire Gautam Adani's group company today 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 today, 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 S K 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, where in 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: Mayank Mohanti
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 92.85 1.87
HDFC Bank 2,269.95 -1.19
Kotak Mahindra 1,478.55 1.67
HDFC 2,147.15 -1.82
Bajaj Finance 3,234.50 -0.37
Company Price Change %Gain
Yes Bank 93.00 2.03
Kotak Mahindra 1,482.35 1.97
United Spirits 585.55 -2.25
Just Dial 733.05 0.96
HDFC Bank 2,270.00 -1.18
Top Gainers
Company Price Change %Gain
Infosys 802.05 2.25
Yes Bank 92.80 1.81
Kotak Mahindra 1,478.55 1.67
Hero Motocorp 2,443.40 1.65
Wipro 269.00 1.59
Company Price Change %Gain
Yes Bank 92.80 1.81
Infosys 802.15 2.17
Kotak Mahindra 1,479.20 1.76
Hero Motocorp 2,442.75 1.57
Power Grid Corp 206.55 1.25
Top Losers
Company Price Change %Gain
Yes Bank 92.85 1.87
HDFC Bank 2,269.95 -1.19
HDFC 2,147.15 -1.82
Zee Entertain 359.60 -1.22
Bajaj Auto 2,524.00 -1.52
Company Price Change %Gain
HDFC 2,146.00 -1.86
Bajaj Auto 2,527.20 -1.34
HDFC Bank 2,270.00 -1.18
M&M 560.05 -0.84
Coal India 221.20 -0.34

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results