Adani emerges as highest bidder with Rs 6k cr offer for Ruchi Soya

Source: The Hitavada      Date: 13 Jun 2018 11:25:34


NEW DELHI,

(PTI),

BILLIONAIRE Gautam Adani’s group company on Tuesday offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of the bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said. The Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, had bid for around Rs 5,700 crore, they added. However, Patanjali will have a right to match the offer under an auction being done under the so-called Swiss challenge method.

The Committee of Creditors (CoC) of Ruchi Soya, in its meeting held today, opened the bids submitted by the two contenders -- Patanjali Group and Adani Wilmar, which sells cooking oil under the Fortune brand. The CoC has decided to conduct Swiss challenge method to maximise the asset value of Ruchi Soya.