New Delhi: Yoga guru Ramdev`s Patanjali has made the highest bid for debt-laden edible oil maker Ruchi Soya Industries.
Patanjali`s spokesperson SK Tijarawala tweeted, "With the highest bid for Ruchi oils, the monopoly of international will break. Due to this, demand for `Swadeshi` of edible oils will increase. The creditors must ensure that the bidding process is transparent, equitable and justiceful."
Patanjali makes highest bid for debt-laden Ruchi Soya https://t.co/Rw7u8wtUOX
Reportedly, Patanjali has made the highest bid for Ruchi Soya, beating Adani Wilmar, Godrej Agrovet and Emami
— tijarawala sk (@tijarawala) May 7, 2018
Patanjali's bid is reportedly higher than the ones made by Adani Wilmar, Godrej Agrovet and Emami.
Debt-ridden Ruchi Soya was taken into the auction process as part of the government`s drive to clear bad loans choking credit at Indian banks. Ruchi Soya brand includes Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.
According to the company, there have received bids of Rs 8,000-10,000 crore for a majority stake in the company and this deal is likely to be completed by June 2018. Large FMCG players including large Malaysian companies are bidding for the 51 percent stake in the company.
With Agency Inputs