Haldiram emerges sole bidder to buy Kwality for Rs 130 crore

New Delhi: Delhi-based Haldiram group has emerged as the sole bidder for acquiring debt-ridden dairy firm Kwality with an offer of around Rs 130 crore in the ongoing insolvency process, sources said.

The lenders are likely to vote on Haldiram's bid later this month, they added. Shailendra Ajmera, who is part of multinational consultancy firm EY, has been appointed as the resolution professional to conduct the insolvency proceedings, which started in December 2018 following an order of the National Company Law Tribunal (NCLT).

Global private equity player KKR had filed insolvency plea against Kwality. In 2016, Kwality had raised Rs 300 crore from KKR India Financial Services and got additional commitment of Rs 220 crore. The amount was raised to fund its expansion plans and enter into consumer segment.

The Committee of Creditors (CoC) met on Wednesday to take stock of the resolution process and discuss the valuation report.

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