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Ruchi Soya insolvency : Lenders to consider Patanjali's 4,350 cr offer
Lenders of debt-ridden Ruchi Soya will meet on Friday to consider the revised bid of Baba Ramdev's Patanjali Ayurved to acquire Madhya Pradesh-based edible oil firm, according to sources.
New Delhi: Lenders of debt-ridden Ruchi Soya will meet on Friday to consider the revised bid of Baba Ramdev's Patanjali Ayurved to acquire Madhya Pradesh-based edible oil firm, according to sources.
Patanjali had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for bankruptcy-bound Ruchi Soya.
Adani Wilmar, which emerged as the highest bidder in August last year after a long-drawn battle with Patanjali, had withdrawn from the race citing delay in completion of the insolvency process.
In December 2017, the National Company Law Tribunal (NCLT) had referred Ruchi Soya for insolvency proceedings on the application of creditors Standard Chartered Bank and DBS Bank.
Shailendra Ajmera was appointed as resolution professional (RP) to manage the affairs of the company and undertake insolvency process.
According to sources, a meeting of Committee of Creditors (CoC) is scheduled on Friday to discuss the revised bid of Patanjali.
Ruchi Soya has a total debt of about Rs 12,000 crore. The debt-ridden firm has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
