Ruchi Soya will meet on Wednesday to discuss bids submitted by parties interested in acquiring the country’s largest edible oil manufacturer, which is facing proceedings under the Insolvency and Bankruptcy Code (IBC). The committee of creditors (CoC), which includes State Bank of India, Punjab National Bank, ICICI Bank and Standard Chartered Bank, met on Monday to discuss the bids submitted by Patanjali Ayurveda and the Adani group. Patanjali, promoted by yoga guru Ramdev, had initially made a bid of Rs 40 billion to emerge as the front-runner for acquiring Ruchi Soya.
Pantajali already has a tie-up with Ruchi Soya for edible oil refining and packaging. The company was admitted to the Insolvency Resolution Process under the IBC in December 2017.
Source: Business Standards, May 30,2018