Yoga guru Baba Ramdev’s Patanjali Ayurved acquired a major bid from lenders worth ₹4,325 crore.
Patanjali acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over ₹9,300 crore loans.
Homegrown FMCG major almost got a walk over after rival Adani Wilmar decided to pull out from the race despite being selected the highest bidder few months back.
According to sources, lenders Tuesday approved the Patanjali’s revised bid of ₹4,325 crore with around 96 per cent vote in favour.
In December 2017, the National Company Law Tribunal (NCLT) had referred Ruchi Soya for insolvency proceedings on the application of financial creditors Standard Chartered Bank and DBS Bank. Shailendra Ajmera was appointed as resolution professional (RP) to manage the company’s affairs and conduct insolvency proceedings.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around₹200 crore to ₹4,350 crore for the Ruchi Soya. This excluded capital infusion of ₹1,700 crore into the company.
Ruchi Soya Industries owes around ₹9,345 crore to financial creditors.
The decision to increase the bid was taken in the interest of all stakeholders, including farmers and consumers, he had said.
Adani Wilmar, which emerged as the highest bidder in August last year after a long drawn battle with Patanjali, had in December 2018 written to the RP regarding significant delays in resolution process that led to deterioration of Ruchi Soya’s assets.