Patanjali Ayurved is keen to acquire Ruchi SoyaNSE 8.87 % even as successful bidder AdaniNSE 0.10 % Wilmar is withdrawing its offer to buy the stressed edible oil maker, citing “delays” in closing the resolution process.
Patanjali Ayurved, the second-highest bidder for the asset, has written to resolution professional Shailendra Ajmera from EY and the lenders to Ruchi Soya that it is still interested in the asset and is willing to match Adani’s offer if allowed to, a person aware of the development said.
This comes after Adani Wilmar, in a letter to the resolution professional and the lenders, said it is withdrawing its Rs 5,474-crore offer for Ruchi Soya as the delays in closing the process is causing “deterioration of the asset” and is “detrimental to the interest of the stakeholders”, the person said.
Adani Wilmar, a joint venture between infrastructure major Adani Group and Singapore’s Wilmar International, had been voted by the committee of creditors (CoC) as the winning bidder for India’s largest bankrupt edible oil maker in August.
Ruchi Soya owes Rs 9,405 crore to lenders and Rs 1,248 crore to operational creditors.
Out of Adani Wilmar’s offer of Rs 5,474 crore, Rs 4,300 crore was to be paid to lenders. Baba Ramdev’s Patanjali Ayurved had made a higher offer of Rs 5,765 crore, but set aside a smaller amount for the lenders at Rs 4,065 crore.
Emails sent to Ajmera and Adani Wilmar remained unanswered till press time on Sunday.
This makes for another case after Metalyst Forgings, ARGL and Orchid Pharma where the preferred bidders have shown reluctance to own the asset after getting their resolution plans approved by the lenders.
Ruchi Soya has 3.72 million tonnes oil seed extraction capacity in India. It has around 24 plants of crushing, milling, refining and packaging edible oils, and is one of the largest exporters of value-added soy products. It owns popular brands such as Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.
