Bankruptcy resolution process: Godrej Agrovet plans to acquire Ruchi Soya

Ruchi Soya ventured into the palm business through contract farming on a large scale

Godrej Agrovet (GAVL), a diversified agri-business company, has submitted its intent to acquire Ruchi Soya, the firm going through a bankruptcy resolution process.

GAVL is among more than 24 companies that have submitted their bids for acquiring a majority stake in Ruchi Soya. These companies, according to sources, include Patanjali Ayurved, ITC, Emami, and Adani Wilmar.

Confirming the development, Balram Yadav, managing director, GAVL, said: “We have taken the first step and submitted our intent for acquiring Ruchi Soya. We have a long way to go.”

Sources said GAVL might be interested in acquiring the entire business of Ruchi Soya.