Lenders' meet to discuss bids submitted by Patanjali Ayurveda and Adani group to acquire bankruptcy-hit Ruchi Soya was postponed today in view of PSU banks' strike.
A Committee of Creditors (CoC) was called today to discuss the bids of these two companies.
Haridwar-based Patanjali has revised its bids upwards to about Rs 4,300 crore, 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 meet was postponed and lenders will meet soon to discuss the resolution plan of Ruchi Soya.
Apart from Patanjali and Adani, the other companies which have shown interest in acquiring Ruchi Soya 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.
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Ruchi Soya, 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.
In December 2017, Ruchi Soya Industries 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.
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