Adani beats Patanjali as the highest bidder for debt-ridden Ruchi Soya

Patanjali writes to CoC expressing concern over conflict of interest

Adani Wilmar has been declared the ‘H1’ (highest) bidder for acquiring stressed edible oil producer Ruchi Soya, which is currently undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).
 
The corporate debtor’s committee of creditors (CoC) met on Wednesday to discuss the bids, and subsequently declared Patanajli the ‘H2’ (second highest) bidder.

A source close to the case told Business Standard that under the method, counter bids can be made by both the companies, and added that “without gettting into details, I expect the bidding process to be completed in the next seven to 10 days.”
 
Adani