Patanjali seeks more info on Adani's bid on Ruhi Soya

Baba Ramdev's Patanjali Group, which is in race to acquire bankruptcy-bound Ruchi Soya, has sought more information related to the bid submitted by its rival Adani Group and also on appointment of a legal advisor of the resolution professional.

According to sources, Patanjali, which has been declared as H2 (second highest bidder), has not yet submitted a revised bid to match or better the highest offer of Rs 6,000 crore by Adani Wilmar.

The company was to submit its revised bid under the Swiss Challenge system by June 16. The Commitee of Creditors (CoC) would have to decide on whether to give a fresh deadline to Patanjali to submit a revised bid or declare Adani Wilmar as the winning bidder.

However, sources said that Patanjali Ayurveda has sought more information from the lenders of Ruchi Soya.

The company wants to know the parameters based on which Adani group has been declared as the highest bidder (H1), they said.

Patanjali, which had bid for around Rs 5,700 crore under the Swiss Challenge System, has also sought details related to appointment of Cyril Amarchand Mangaldas as legal advisor of resolution professional, which was already advising Adani Group.

When contacted, Patanjali spokesperson S K Tijarawala said: "We have replied to them within the stipulated time frame."