Adani scores over Patanjali, declared highest bidder for debt-ridden Ruchi Soya

TIL Desk/Business/New Delhi/ Adani Wilmart has been declared the ‘H1’ (highest) bidder for acquiring stressed edible oil producer Ruchi Soya, which is currently undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).The corporate debtor’s committee of creditors (CoC) met on Wednesday to discuss the bids, and subsequently declared Patanajli the ‘H2’ (second highest) bidder.

A source close told that under the method, counter bids can be made by both the companies, and added that “without gettting into details, I expect the bidding process to be completed in the next seven to 10 days.”Adani Wilmar, a 50:50 joint venture between Gujarat-based Adani Group and Singapore’s Wilmar International, is said to have put in an offer to acquire the company for Rs 6,000 crore.

This had come ahead of Patanjali’s bid to acquire Ruchi Soya for Rs 5,700 crore. However, it is the action away from the bidding process that is grabbing eyeballs. Patanjali Ayurved on Tuesday wrote to the CoC, which is overseeing the Ruchi Soya insolvency and bankruptcy case, expressing concern over conflict of interest in the on-going bidding process. The bankruptcy proceedings of Ruchi Soya are at a crucial stage where the bidders submitted revised offers on Tuesday.