Recently, according to the reports, Patanjali Ayurveda has boosted its attempt to acquire Ruchi Soya. Patanjali has made the improved proposal to the Committee of Creditors (CoC) for the debt-ridden company.
As per the sources, the latest bid is about 30 percent greater than that of the Adani group. In which, Adani group is also in the race to take over the company with its offer of around Rs 3,300 crore.
After the representatives of Baba Ramdev-led Patanjali group met the CoC of Ruchi Soya, the new offers are said to be made. Sources further said that Ruchi Soya had asked the group to renew the offer. Patanjali group has reportedly assured the leader of Ruchi Soya that it would invest extra capital required to strengthen the company.
Haridwar-based Patanjali group had appeared as the leader with a proposal of over Rs 4,000 crore to procure Ruchi Soya. On Monday, the CoC of the company is meeting the bidders and may finalise the tenders. Apart from Patanjali and Adani, Wilmar, Emami Agrotech, and Godrej Agrovet have also put in proposals to procure Ruchi Soya. Patanjali Ayurveda previously has a tie-up with the Indore-based Ruchi Soya for edible oil refining and packaging.
Earlier, Ruchi Soya, facing the bankruptcy proceedings and has a total debt of about Rs 12,000 crore. The company has many production plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.