Hyderabad : Baba Ramdev-promoted Patanjali Ayurved, which is in the race with Adani group to buy debt-laden Ruchi Soya, is likely to submit a revised bid on Monday as lenders of the edible oil firm have decided to hold a fresh round of resolution process between the two contenders to maximise asset value.
The Committee of Creditors in its meeting held on May 30 had set the stage for an aggressive bidding between the two suitors for Ruchi Soya to maximise the value of the assets, sources said, adding that the COC in consultation with the independent evaluator has decided to adopt a Swiss challenge.
According to sources, Patanjali group has submitted its undertaking of having no objection to the ‘Swiss Challenge’ process adopted by the lenders. When asked about the development in the bidding process, Patanjali spokesperson S K Tijarawala said: “Whatever process is being adopted by the CoC, we will follow it.”
Under Swiss Challenge system, lower bidders are given chance to match the highest bidder and if matched then the highest bidder is asked to improve its bid.