Baba Ramdev-led Patanjali Ayurveda and Adani Group on Tuesday presented their resolution plans to the lenders of bankruptcy-hit Ruchi Soya in a bid to takeover the edible oil company. Patanjali group has emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya.
According to reports, a meeting of committee of creditors was held on Tuesday where both Patanjali and Adani Group firm Adani Wilmar gave their presentations about their resolution offers and strategies to run the debt-stressed company. The committee will meet soon to finalise the bids.
Speaking on the development, Patanjali spokesperson SK Tijarawala reportedly said, "We were called in the meeting. We have made a presentation." Patanjali CEO Acharya Balkrishna gave a presentation before the CoC.
Apart from Patanjali and Adani Group, there are six to seven bidders who have shown their interest in buying Ruchi Soya. Some of the bidders are ITC, Godrej Agrovet, Adani Wilmar, Emami and Patanjali Ayurveda.
According to reports, Patanjali is the highest bidder while Adani Wilmar made the second highest offer for the edible oil company.
Ruchi Soya was admitted for the insolvency resolution process after two financial creditors-- Standard Chartered Bank and DBS Bank -- had moved the NCLT on December 15, 2017.
Ruchi Soya has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. Patanjali already has a tie-up with Ruchi Soya for edible oil refining and packaging.
(With inputs from PTI)