Patanjali Ayurved will not back out from the race to acquire bankruptcy-bound Ruchi Soya and explore all options, including legal, to clinch the deal, its Managing Director Acharya Balkrishna said today.
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 Adani Wilmar emerged as H1, Patanjali Ayurved sought clarification from the RP (resolution professional) of Ruchi Soya related to eligibility of Adani Group to participate in the bidding process. It also sought to know the parameters adopted by the RP to declare Adani Wilmar as the highest bidder.
"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 Adani Wilmar 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.
Ruchi Soya, which is facing the insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)