Patanjali's quest for Ruchi Soya: Valuation hurdle may impede growth plans

Patanjali's revised bid of Rs 6,000 crore, against Ruchi Soya's total approved debt of Rs 12,146.58 crore, is not enough to cover even the half of the debt

Just when it seemed on the brink of ending to Patanjali’s management, its battle for acquiring beleaguered edible oil maker Ruchi Soya has hit another hurdle. This time, the objections have come from a couple of creditors of the debt-laden firm —  DBS Bank Singapore and DBS India.

DBS India, the local unit of Singapore-headquartered financial services group DBS, and DBS Bank Singapore have approached the National Company Law Tribunal (NCLT) in Mumbai challenging the recently approved deal to sell Ruchi Soya. The group — one of the many creditors that dragged the edible oil maker to the insolvency tribunal