Patanjali Ayurved, which already has a tie-up with Ruchi Soya for edible oil refining and packaging, as well as Godrej Agrovet and Emami Agrotech confirmed to PTI that they have put in bids for Ruchi Soya but did not disclose the value.
According to a PTI report: Indore-based Ruchi Soya, which is facing insolvency proceedings, has a debt of about Rs 10,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
Sources told PTI that Adani Wilmar, which sells cooking oil under Fortune brand, too has put in a bid. “We bid for Ruchi Soya yesterday. While Emami Agro’s own expansion plans are already underway, Ruchi Soya’s assets are likely to add an impetus to our growth trajectory,” a company spokesperson was quoted by PTI as saying.
A Patanjali spokesperson told PTI that the company has also bid for Ruchi Soya as it aims to be a major player in edible oil segment, particularly soybean oil. It also wants to work for farmers benefit. In December 2017, Ruchi Soya Industries Ltd entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera Patanjali, Adani Wilmar, Emami Agrotech and Godrej Agrovet have put in bids to acquire debt-ridden edible oil firm Ruchi Soya.
The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code. Emami Agrotech is the edible oil and bio-diesel arm of Emami Group of Companies, the Rs 10,000 crore, business conglomerate based in Kolkata.
It has diverse business interests in segments such as production and distribution of edible oil, specialty fats and bio-diesel. Godrej Agrovet, part of Godrej group, is into animal feed, crop protection, oil palm, dairy, poultry and processed foods.