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Private Sector | Not Classified - india | PID: 174450
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Mumbai-based Godrej Agrovet is planning to bid for India's largest edible oils maker Ruchi Soya
Godrej Agrovet is specifically looking at Ruchi Soya's palm oil business, the report said
The company has not yet approached Ruchi Soya, the paper clarified. Godrej Agrovet could join others interested in the company since it is not interested in Ruchi Soya's other businesses
They have some beautiful assets. We want to buy their oil palm business. The problem is we cannot just bid for one part of the business.We would like to see if some other companies can also come together to bid for their assets," a source told
Ruchi Soya Industries is undergoing bankruptcy proceedings. The insolvency proceedings began in December
The company has received 26 proposals from Indian and foreign companies for a 51 percent stake in the company
The bidders have offered between Rs 8,000 crore and Rs 10,000 crore, the report said
Balram Singh Yadav, managing director, Godrej Agrovet, said the company is evaluating growth opportunities
Godrej Agrovet is a diversified, research and development focused agri-business company, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. We continuously explore growth opportunities at an appropriate valuation," the managing director said
| Updated on: 20 - Mar - 2018
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