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Baba Ramdev's Patanjali raises bid value to Rs 4,350 cr to take over Ruchi Soya

Press Trust of India  |  New Delhi 

Baba Ramdev's Ayurved has increased its bid value by around Rs 200 crore to Rs 4,350 crore for bankruptcy-bound Ruchi Soya, and the revised offer is likely to be considered by lenders soon.

Adani Wilmar, which emerged as the highest bidder in August last year after a long drawn battle with Patanjali, has withdrawn from the race citing delay in completion of the insolvency process.

"We have revised our bid to Rs 4,350 crore from earlier offer of Rs 4,160 crore. We are ready to bail out which has biggest infrastructure for soyabean. It's a national asset," S K Tijarawala said.

He said the decision has been taken in the interest of all the stakeholders including farmers and consumers.

The (CoC) could meet next week to consider the revised offer of Patanjali, sources said.

In December 2017, Indore-based Industries was referred for the Corporate Insolvency Resolution Process. was appointed the resolution professional (RP) by NCLT on the application of creditors and under the Insolvency and Bankruptcy Code.

has a total debt of about Rs 12,000 crore. The debt-ridden firm has many and its leading brands include Nutrela, Mahakosh, Sunrich, and

In December last year, had written to the RP regarding significant delays in resolution process, leading to deterioration of the assets.

had said the process was getting delayed as moved (NCLT) Mumbai, challenging the lenders' decision.

had approached NCLT challenging the decision of Ruchi Soya's lenders to approve Adani Wilmar's Rs 6,000 crore takeover bid. Patanjali group came second with around Rs 5,700 crore bid, including the infusion of about Rs 1,700 crore in the company.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 21:17 IST