Reports in the Indian media are suggesting the long drawn-out sale of bankrupt edible oil business Ruchi Soya has taken another turn with suitor Patanjali Ayurved upping its bid.
The country’s The Economic Times newspaper said the FMCG giant had increased its bid to INR43.5bn (US$626.1m) for Ruchi Soya, which entered a corporate insolvency resolution process in 2017.
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Fellow cooking oil business Adani Wilmar, which emerged as the highest bidder for Ruchi Soya last August, withdrew from the process after growing frustrated by delays in the insolvency process.
Patanjali spokesperson S K Tijarawala was quoted in the newspaper as saying: “We are ready to bail out Ruchi Soya, which has the biggest infrastructure for soyabean. It’s a national asset.”
Its previous bid was INR41.6bn, he was reported as saying.
The newspaper said the committee of creditors overseeing the sale could meet next week to consider the revised Patanjali offer.
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By GlobalDataRuchi Soya has a number of manufacturing plants and owns brands including Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
just-food has asked Patanjali Ayurved to confirm the Indian media stories.
