Adani Wilmar has emerged as the top bidder for Indian edible oils producer Ruchi Soya, which is undergoing bankruptcy proceedings.

The 50/50 joint venture between Singapore agribusiness group Wilmar International and India’s Adani group offered over 60bn rupees (US$887.4M) for Ruchi, the Times of India reported on 13 June.

Patanjali, which already has a three-year agreement with Ruchi to process and pack its oils, has been declared the second highest bidder, with an offer of 57bn rupees (US$843M).

The bids were opened on 12 June after the company’s creditors decided to allow the two contenders to revise their previous offers so that maximum value could be derived from the sale of Ruchi, the Times of India said.

Following the Swiss auction method, the two companies would be given the opportunity to match each other’s offer or improve their bids, with one source close to the case telling Business Standard that the bidding process could be completed in seven to 10 days.

Best known for its Nutrela soya products and Sunrich edible oil, Ruchi was admitted to the corporate insolvency resolution process in December 2017 and has debts of over 100bn rupees (US$1.48bn).