Adani Wilmar increases its bid to acquire bankruptcy-hit Ruchi Soya

Ruchi Soya, facing the insolvency proceedings, has a total debt of about Rs 12,000 crore.

Adani Wilmar increases its bid to acquire bankruptcy-hit Ruchi Soya

New Delhi: Adani Wilmar has reportedly increased its bid to acquire bankruptcy-hit Ruchi Soya. Adani has revised its bids upwards to about Rs 4,350 crore and a fund infusion of Rs 1,700 crore following Patanjali's bid of Rs 4,300 crore and fund infusion of Rs 1,700 crore, a report in CNBC TV 18 said.

Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya. However it revised its bid by upwards of 30 percent following Adani's group's offer.

As per news agency PTI Sources said that the CoC is likely to meet on May 30 to consider both the bids and decide on voting.

Apart from Patanjali and Adani, the other companies which have shown interest in acquiring Ruchi Soya are Emami Agrotech and Godrej Agrovet.

Patanjali Ayurveda already has a tie-up with the Indore-based Ruchi Soya for edible oil refining and packaging.

Ruchi Soya, 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.

Earlier, Patanjali spokesperson had said that the company has bid for Ruchi Soya as it aims to be a major player in edible oil segment, particularly soybean oil. It also wants to work for farmer's benefit.

With PTI Inputs

 

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