New Delhi : Two companies, Adani Wilmar and Patanjali, are in the race to acquire debt-ridden Ruchi Soya. And no one is ready to blink. Now, Patanjali Ayurved, managing director, Acharya Balkrishna has also said that it will not back out from the race.
Between Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev-led Patanjali, the former has emerged as the highest bidder (H1). While Adani had offered about Rs 6,000 crore, Patanjali’s bid was worth around Rs 5,700 crore, reports PTI.
After Adani Wilmar emerged as H1, Patanjali Ayurved sought clarification from the RP (resolution professional) of Ruchi Soya related to eligibility of Adani Group to participate in the bidding process. It also sought to know the parameters adopted by the RP to declare Adani Wilmar as the highest bidder.
The Haridwar-based firm has also questioned the appointment of Cyril Amarchand Mangaldas as the RP’s legal advisor as the said law firm was already advising Adani Group. “We are waiting for the reply,” Balkrishna said on the sidelines of an event in the capital.
Asked whether the company would move court, he said: “We will not back out. We will do everything.” Last week, sources had said the RP sought 8-10 days’ time to reply to the clarification sought by Patanjali.
Patanjali 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. However, Patanjali wrote to the RP seeking clarifications instead of submitting a fresh bid.
Under the Swiss Challenge method, Adani will get another chance to make an offer if Patanjali’s revised bid exceeds the offer made by the former. Patanjali Ayurv-ed already has a tie-up with the Indore-based Ruchi Soya for edible oil refining and packaging and it wants to further expand its cooking oil business.
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