India approves Adani Wilmar bid for Ruchi Soya
September 07, 2018
The Competition Commission of India (CCI) has reportedly given the green light to Adani Wilmar’s bid to purchase the struggling Indian edible oil producer Ruchi Soya.
Adani Wilmar, selling cooking oils under the Fortune brand in India, emerged as the highest bidder after Ruchi Soya entered a corporate insolvency resolution process in December 2017, wrote just-food on 16 August.
Indian media sources said that Adani Wilmar’s US$854M bid, filed on 2 May, was approved on 10 August, which would clear the way for Adani Wilmar to begin formal acquisition procedures.
Adani Wilmar is a joint venture between India’s Adani Group and Singapore’s Wilmar International.
Best known for its Nutrela soya products and Sunrich edible oil, Ruchi was admitted to the corporate insolvency resolution process last December and has debts of over 100bn rupees (US$1.48bn).