Adani group emerges as highest bidder with Rs 60-bn offer for Ruchi Soya

Billionaire Gautam Adani's group company today offered about Rs 60 bn to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said. Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 57 bn, they added. However, Patanjali will have a right to match the offer under an auction being done under so called Swiss challenge method. 

The Committee of Creditors (CoC) of Ruchi Soya, in its meeting held today, opened the bids submitted by the two contenders -- Patanjali group and Adani Wilmar, which sells cooking oil under the Fortune brand. The CoC has decided to conduct Swiss challenge method to maximise the asset value of Ruchi Soya. When contacted, Haridwar-based Patanjali spokesperson did not disclose the bid value. However, he raised question over the neutrality of the process citing the media reports of resignation of law firm Cyril Amarchand Mangaldas as advisor of Adani Wilmar. The law firm is also advising the Ruchi Soya's resolution professional.

Ruchi Soya second-round bidding on Jun 11; Patanjali to submit revised bid

Baba Ramdev-promoted Patanjali Ayurved, which is in the race with Adani group to acquire bankruptcy-hit Ruchi Soya, is likely to submit a revised bid tomorrow as lenders of the edible oil firm have decided to hold a fresh round of resolution process between the two contenders to maximise asset value. 

The Committee of Creditors (CoC) in its last meeting held on May 30 had set the stage for an aggressive bidding between the two suitors for Ruchi Soya to maximise the value of the assets, sources said, adding that the COC in consultation with the independent evaluator has decided to adopt a Swiss challenge. According to sources, Patanjali group has submitted its undertaking of having no objection to the 'Swiss Challenge' process adopted by the lenders. When asked about the development in the bidding process, Patanjali spokesperson S K Tijarawala said: "Whatever process is being adopted by the CoC, we will follow it."