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Patanjali not to back out from race to acquire Ruchi Soya: Acharya Balkrishna

Press Trust of India  |  New Delhi 

Ayurved will not back out from the race to acquire bankruptcy-bound and explore all options, including legal, to clinch the deal, its said today.

Adani Wilmar, which sells cooking under the Fortune brand, and are in the fray to acquire debt-ridden

Adani has emerged as the highest bidder (H1) with an offer of about Rs 6,000 crore, while Patanjali's bid was worth around Rs 5,700 crore.

After emerged as H1, Ayurved sought clarification from the RP (resolution professional) of related to eligibility of to participate in the bidding process. It also sought to know the parameters adopted by the RP to declare as the highest bidder.

The Haridwar-based firm has also questioned the appointment of as the RP's as the said firm was already advising

"We are waiting for the reply," Balkrishna said on the sidelines of an event here.

Asked whether the company would move court, he said: "We will not back out. We will do everything."

Last week, sources had said the RP sought 8-10 days' time to reply to the clarification sought by Patanjali.

Patanjali was asked to submit a revised bid by June 16 to match or better the highest offer of Rs 6,000 crore by under the Swiss Challenge system adopted by the RP and the committee of creditors.

However, Patanjali wrote to the RP seeking clarifications instead of submitting a fresh bid.

Under the Swiss Challenge method, Adani will get another chance to make an offer if Patanjali's revised bid exceeds the offer made by the former.

already has a tie-up with the Indore-based Ruchi Soya for refining and packaging and it wants to further expand its cooking business.

Ruchi Soya, which is facing the insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many and its leading brands include Nutrela, Mahakosh, Sunrich, and

In December 2017, entered into the Corporate Insolvency Resolution Process (CIRP) and was appointed as the RP.

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

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

First Published: Tue, July 10 2018. 19:00 IST