Patanjali eyes Ruchi Soya as Adani Wilmar pulls out of resolution deal

Patanjali Ayurved, which lost out to Adani Wilmar in the bidding for debt resolution of Ruchi Soya, the country’s largest edible oil refiner, is reported to be looking to bid again for stressed assets as Adani Wilmar is withdrawing its offer,  citing “delays” in closing the resolution process. 

Patanjali Ayurved, the second-highest bidder for the asset, is reported to have written to resolution professional Shailendra Ajmera from EY and the creditors association that it is still interested in the asset and is willing to match Adani’s offer if allowed to. 
In a letter to the resolution professional and the lenders, Adani Wilmar is reported to have said it is withdrawing its Rs5,474-crore offer for Ruchi Soya as the delays in closing the process is causing “deterioration of the asset” and is “detrimental to the interests of the stakeholders”, a report in The Economic Times quoted sources as saying. 
Adani Wilmar, a joint venture between infrastructure major Adani Group and Singapore’s Wilmar International, had been voted by the committee of creditors (CoC) as the winning bidder for debt-laden edible oil maker in August. 
Ruchi Soya owes Rs9,405 crore to lenders and Rs1,248 crore to operational creditors. 
Out of Adani Wilmar’s offer of Rs5,474 crore, Rs4,300 crore was to be paid to lenders. Baba Ramdev’s Patanjali Ayurved had made a higher offer of Rs5,765 crore, but set aside a smaller amount for the lenders at Rs4,065 crore. 
Adani Wilmar’s the resolution plan is still to be approved by the National Company Law Tribunal. 
Ruchi Soya has 3.72 million tonnes oil seed extraction capacity in India. It has around 24 plants of crushing, milling, refining and packaging edible oils, and is one of the largest exporters of value-added soy products. It owns popular brands such as Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.