Yoga guru Ramdev's Patanjali has become the highest bidder for debt-laden edible oil maker Ruchi Soya Industries, an FMCG company with large market presence.
Yoga guru Ramdev’s Patanjali has become the highest bidder for debt-laden edible oil maker Ruchi Soya Industries, an FMCG company with large market presence. Ruchi Soya has become one of the hottest debt-ridden companies undergoing resolution under the IBC law, with Ramdev’s Patanjali Ayurveda, Godrej Agrovet, Adani Wilmar and Emami Agrotech in the race.
Patanjali Ayurveda, which aims to be a major player in edible oil segment, particularly soybean oil by acquiring Ruchi Soya has made highest bid for the company, ANI reported. Patanjali Ayurveda already has a tie-up with Ruchi Soya for edible oil refining and packaging.
It was earlier reported that Patanjali Ayurveda was keenly looking to pick up all of Ruchi Soya assets and had increased its bid. The company with about Rs 10,000 crore outstanding was identified in the second list of the Reserve Bank of India. In December 2017, Ruchi Soya Industries Ltd entered into the Corporate Insolvency Resolution Process (CIRP).
Ruchi Soya is attracting major industry players for its manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. Adani Wilmar, which sells cooking oil under Fortune brand, too has put in a bid, PTI reported quoting sources. Another bidder Emami Argotech said that a sit expansion plans are already underway, Ruchi Soya’s assets are likely to add an impetus to our growth trajectory.
With Ruchi Soya, Baba Ramdev’s Patanjali Ayurved looks to take on HUL, and is keen to surpass the FMCG major’s turnover in 3-4 years. “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 told ET Now recently.