Indian consumer goods company Patanjali Ayurved has increased its bid for bankrupt edible oil business Ruchi Soya, the Financial Express reported on 13 March.
“We have revised our bid to INR43.5bn (US$626.1m) from our earlier offer of INR41.6bn (US$606.1M),” said Patanjali spokesperson S K Tijarawala. “We are ready to bail out Ruchi Soya, which has biggest infrastructure for soyabeans. It’s a national asset.”
Ruchi Soya entered a corporate insolvency resolution process in December 2017. In August last year, cooking oil business Adani Wilmar emerged as the highest bidder for Ruchi Soya with a INR60bn (US$875M) bid but had withdrawn from the bidding process because of delays in the completion of Ruchi’s insolvency, the Financial Express said.
Ruchi Soya had a total debt of about Rs12,000 crore. (US$1.75bn), the newspaper wrote.
The debt-ridden firm had been India’s largest cooking oil and soya foods firm, with many manufacturing plants and leading brands including Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.