Patanjali bidding for Ruchi Soya foods?

Baba Ramdev run Patanjali group always has some surprises. How the group has captured both the imagination and markets is quite a story.

This story in Business Line says that the Patanjali group is bidding for Ruchi Soya foods:

Baba Ramdev-led Patanjali Ayurved has placed a 9,000-crore bid to acquire the debt-ridden Ruchi Soya Industries Ltd (RSIL) through the ongoing insolvency process under the National Company Law Tribunal (NCLT).

Over 26 companies have expressed interest in acquiring India’s largest edible oil maker. The bid placed by Patanjali could be the highest, according to sources close to the development.

“At over 9,000 crore, Patanjali’s bid could be one of the highest bids, even though all the bids are yet to be officially opened,” said a source. Among the assets going through the insolvency process under NCLT, Ruchi Soya has attracted interest from the maximum number of companies. The company expects the process to be completed by June 13, another source said.

The short-listing is expected to start this week, while an announcement is expected in 7-10 days, though a decision may take up to May 15.

When contacted, a spokesperson for Patanjali confirmed that the company is interested in the deal, but declined to divulge the details of the bid. A Ruchi Soya spokesperson also declined to comment.

So far case studies on the group have focused on marketing strategies of the Patanjali group. Now they will also look at the financing strategies. After all, finance is all that matters…

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