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Godrej Agrovet keen to acquire Ruchi Soya's Oil Palm business

Press Trust of India  |  Hyderabad 

Agrovet, part of group, today said it is keen to acquire Palm business of Industries, which is facing insolvency proceedings, and has submitted its bid in this regard.

Balram Singh Yadav, Managing Director, Agrovet Limited, said the to the bankrupt Ruchi Soya, an Indore-based firm, is expected to meet next week to finalise the bids.

"We are in the race. We have made bid through National Company Law Tribunal. The probably in a week's time will open the bids. We are very keen on some part of

We are more keen on their palm plantation business. That is very attractive because we also have that business. We know that business very well.That is our primary focus as far as is concerned," Yadav told

In December 2017, Ruchi Soya Industries Ltd, which has debt of Rs 10,000 crore, entered the Corporate Insolvency Resolution Process and was appointed to act as Interim Resolution Professional.

Patanjali Ayurved, a fast moving consumer goods firm, run by yoga guru and Adani Wilmar, which sells cooking under Fortune brand, are among the other bidders.

Replying to a query, Yadav said they clocked Rs 5,200 crore revenue and expects to record higher growth during the current fiscal.

He said the company's Animal Feed division is expected to yield better results backed by favourable commodity prices.

"My sense is that the growth (Animal Feed division) will be more than double this year as per the trend which I am seeing now," he said.

Creamline Limited (CDPL), subsidiary of Limited, announced the launch of 'Jersey Thickshakes' today.

'Jersey Thickshakes' are manufactured at Creamline Dairy Private Limited's state-of-the-art plant near here.

In December 2015, acquired a majority stake in CDPL.

With a processing capacity of above 12 lakh litres per day and over 100 collection centres, CDPL has a strong in Telangana, Andhra Pradesh, Tamil Nadu, and parts of

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

First Published: Wed, May 16 2018. 17:20 IST