Ruchi Soya-Adani Wilmar JV in limbo

Ruchi Soya fails to get NOC from lenders; firm now eyes Patanjali-like deals to use idle capacity

While it may have tied up recently with Patanjali for physical refining and packaging of edible oils, Indore-based Ruchi Soya Industries' other joint venture with Adani Wilmar may not see the light of the day. Signed in May 2016 for introducing retail products jointly, the Adani-Ruchi Soya JV has been held in abeyance and may not fructify, say industry sources.

According to sources close to the deal, Ruchi Soya's rising debt may have prompted its lenders to deny it an no objection certificate (NOC) for the JV with Adani. While Adani Wilmar declined to comment, queries sent to Ruchi Soya did