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."

Patanjali to invest Rs 5,000 crore in four units

Latest News - Fast-growing swadeshi consumer goods company Patanjali Ayurved planned to start producing at four new facilities that would come up in 500 days at an investment of Rs 5,000 crore, the company’s Chief Executive Officer Bal Krishna told Business Standard.

The Project 500 encompasses food and herbal parks in Gautam Buddh Nagar (Uttar Pradesh), Nagpur (Maharashtra), Tezpur (Assam) and Indore (Madhya Pradesh). The facility in Assam is expected to be operational by March and the other parks will start production by mid-2018.

The food park in Uttar Pradesh, which would cater to the National Capital Region, would need an investment of Rs 1,400 crore in two phases, Bal Krishna said. The first phase would be ready by Diwali, he added.

An average sales growth rate of (Read More)