Adani Wilmar's Rs 60-billion bid for Ruchi Soya gets approval of CCI

Ruchi Soya was admitted under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC) in December 2017

The Competition Commission of India (CCI), the anti-trust regulatory body, has approved of Adani Wilmar’s Rs 60-billion bid to acquire insolvent firm Ruchi Soya. Adani Wilmar, an edible oil manufacturer and subsidiary of Adani Enterprises, filed its application with CCI on May 2 and the regulator approved its bid on August 10, a highly placed source confirmed the development to Business Standard.

Ruchi Soya was admitted under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC) in December last year.

Last month, the Union Cabinet approved of amendments to the IBC, which states that lenders have to seek