Ramdev’s Patanjali has emerged as the highest bidder for the debt-laden edible oil maker Ruchi Soya Industries. Reports suggest that Godrej Agrovet, Adani Wilmer and Emami were also in contention. Ruchi Soya was admitted for the insolvency resolution process after Standard Chartered Bank and DBS Bank moved to the NCLT in December last year. The auction is part of the government’s efforts to clear bad loans.
Times of India reported today, “Patanjali Ayurved has made a bid of Rs 4,000-4,500 crore for Ruchi Soya, beating Adani Wilmar, Godrej Agrovet and Emami’s offers. Adani Wilmar has made the second highest offer for Ruchi Soya.” However, Patanjali-Ayurved spokesman, S. K. Tijarawala, stated that the company couldn’t yet comment on the matter.
S. K. Tijarawala, spokesperson of Patanjali, 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.”
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बशर्ते नीलामी प्रक्रिया निष्पक्ष व न्यायपूर्ण हो
Patanjali makes highest bid for broke Ruchi Soya – https://t.co/bPSRnVQFpc pic.twitter.com/G1I35gVlsd
— tijarawala sk (@tijarawala) May 7, 2018
“Patanjali will grow at a faster pace this year as compared to last year. Hopeful that Patanjali will beat HUL’s turnover in next 3-4 years,” Acharya Balkrishna, CEO, Patanjali Ayurved had told ET Now recently. Ruchi Soya brand includes Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.