Four major Indian edible oil companies have submitted bids for debt-riddled Ruchi Soya, their fellow Indian firm producing the Soya Star and Gold brands of cooking oils.
The bidding companies included Adani Wilmar, Emami Agrotech, Godrej Agrovet and Patanjali Ayurveda, reported The Economic Times newspaper on 3 May.
Out of the four, Emami, Godrej and Patanjali had officially confirmed their bids, but had not disclosed the values of their offers.
According to The Economic Times, unnamed sources had also told the newspaper that Adani Wilmar had placed a bid.
Patanjali was already engaged with Ruchi, having signed a three-year agreement for Ruchi to process and pack oils supplied by Patanjali.
Ruchi Soya – which produced the edible oil brands Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold – was facing insolvency proceedings and had accumulated a debt of 100bn rupees (US$1.48bn).
In December 2017, Ruchi Soya entered into the India corporate insolvency resolution process with the National Company Law Tribunal, on the application of its creditors, Standard Chartered Bank and DBS Bank.