Aug 24, 2018,
According to sources lenders of Ruchi Soya have approved the Rs. 6,000 crore bid of Adani Wilmar to acquire the debt-ridden edible oil firm, thereby backlogging Patanjali Ayurveda. Adani Wilmar and Baba Ramdev’s Patanjali group had locked horns for a long time for the acquisition Ruchi Soya.
Adani Wilmar’s bid was approved by the committee of creditors (CoC) with about 96 per cent votes in favour and now the resolution professional will now seek approval from the National Company Law Tribunal (NCLT).
Adani Wilmar emerged as the highest bidder with Rs. 6,000 crore offer for Ruchi Soya, while Patanjali group came second with a Rs. 5,700 crore bid. Following this, Patanjali Ayurved had also sought clarification from the RP (resolution professional) of Ruchi Soya related to eligibility of Adani Group to participate in the bidding process.
Patanjali had also questioned the appointment of Cyril Amarchand Mangaldas as the RP’s legal advisor as the said law firm was already advising Adani Group. In turn it was asked to submit a revised bid by June 16 to match or better the highest offer of Rs. 6,000 crore by Adani Wilmar under the Swiss Challenge system adopted by the RP and the committee of creditors.
Instead of submitting a fresh bid, Patanjali wrote to the RP seeking clarifications and hence
Adani Wilmar has been selected by the CoC after two-rounds of bidding.