Indian consumer goods company Patanjali Ayurved’s revised bid to acquire bankrupt edible oils business Ruchi Soya industries has been approved by lenders, Bloomberg reported on 30 April.
The bid of INR43.5bn (US$626.1M) – which 96% of the lenders voted in favour of – was made in an insolvency auction started by financial creditors to recover over INR93bn (US$1.32bn) in loans, Bloomberg quoted sources as saying.
Patanjali Ayurved’s bid was raised from INR41.6bn (US$606.1M) in March in the interests of all stakeholders, Patanjali Ayurved spokesperson SK Tijarawala said.
In August 2018, cooking oil firm Adani Wilmar was the highest bidder for Ruchi Soya, offering INR60bn (US$875M) but had withdrawn from the bidding process because of delays in the completion of the company’s insolvency.
Ruchi Soya had entered a corporate insolvency resolution process in December 2017. The debt-ridden firm had been India’s largest cooking oil and soya foods manufacturer with leading brands such as Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.