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Private Sector | Not Classified - india | PID: 188268
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In its first major acquisition, Yoga guru Baba Ramdev-led Patanjali Ayurved walked away with debt-ridden edible oil firm Ruchi Soya with a bid of Rs 4,325 crore, sources said.
Patanjali acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over Rs 9,300 crore loans.
Homegrown FMCG major almost got a walk over after rival Adani Wilmar decided to pull out from the race despite being selected the highest bidder few months back.
According to sources, lenders Tuesday approved the Patanjali's revised bid of Rs 4,325 crore with around 96 per cent vote in favour.
When contacted, Patanjali also confirmed the development.
"We are informed about the development. Voting has gone in our favour," Patanjali Ayurved spokesperson S K Tijarawala said.
"Tomorrow they would hand over the result to us and then we would proceed further," he added.
With the acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other products.
| Updated on: 01 - May - 2019
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