Mapping insolvency: Why list of suitors for debt-laden Ruchi Soya is long

At the heart of the bidding war lies the firm's edible oil refining capacity

Baba Ramdev-co-founded Patanjali Ayurved is the latest entrant in the race to acquire Ruchi Soya, the debt-ridden edible oil maker dragged to the National Company Law Tribunal (NCLT) last year by lenders. Among the other interested companies are names such as Godrej Agrovet, Emami and ITC apart from private equity majors such as KKR and Aion Capital.

Patanjali's entry takes the total number of players vying for the business to over 25, a figure which has left most wondering: Why the interest? 

As on December 31, 2017, Ruchi Soya's total debt stood at Rs 120 billion. In four years, the