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Ruchi Soya insolvency case: Lenders to meet on May 30 to discuss bids

The CoC of the company is meeting tomorrow and may finalise the bids

Press Trust of India  |  New Delhi 

Ruchi Soya
Ruchi Soya

Lenders of bankruptcy-hit are likely to meet again on May 30 to discuss bids submitted by Patanjali Ayurveda and Adani group which are in the race to acquire the Indore-based edible oil firm.

A (CoC) today met to discuss the bids of these two

Patanjali had revised its bids upwards to about Rs 43 billion, which is around 30 per cent higher than the Adani's offer. Patanjali has also assured the lenders that it would invest extra capital required to revive the company.

Sources said that the CoC is likely to meet on May 30 to consider both the bids and decide on voting.

Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 40 billion to acquire

The CoC of the company is meeting tomorrow and may finalise the bids.

Apart from Patanjali and Adani, the other which have shown interest in acquiring are Wilmar, Emami Agrotech and Godrej Agrovet.

Patanjali Ayurveda already has a tie-up with the Indore-based Ruchi Soya for edible oil refining and packaging.

Ruchi Soya, facing the insolvency proceedings, has a total debt of about Rs 120 billion. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

Earlier, Patanjali spokesperson had said that the company has bid for Ruchi Soya as it aims to be a major player in edible oil segment, particularly soybean oil. It also wants to work for farmer's benefit.

In December 2017, Ltd entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed to act as interim resolution Professional (IRP).

The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.

Adani Wilmar sells edible oils under Fortune brand.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, May 29 2018. 03:08 IST