Patanjali Ayurved tables highest bid for debt-laden Ruchi Soya Industries
07 May 2018
Patanjali Ayurved Ltd, the Indian FMCG company promoted by yoga guru Ramdev, has tabled a Rs 4,000-4,500-crore bid to buy debt-laden edible oils manufacturer Ruchi Soya Industries Ltd, The Times of India today reported, citing multiple people aware of the development.
According to previous medi reports, Adani Wilmar, Godrej Agrovet and Enami Agrotech are in the race to buy Indore-based Ruchi Soya.Ruchi Soya, which owes around Rs 12,000 crore to a consortium of 16 lenders, is facing bankruptcy proceedings at the National Company Law Tribunal.
Patanjali Ayurved bid is higher than the offers made by Adani Wilmar, Godrej Agrovet and Emami.
Adani Wilmar has made the second highest offer for Ruchi Soya, according to the ToI report.
Founded in 1986, Ruchi Soya has 19 manufacturing locations in India. Its sales and distribution system ensures that its brands are available in more than 1 million outlets across 4,000 towns in general trade.
With brands like Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star, Ruchi Soya is a leading agri and food FMCG company with a turnover of around $3 billion.
Although around three-fourth of its revenue comes from edible oil, it is also into soybean chunks and wind power generation.
The company enjoys leadership position in soy foods and cooking oil segments of the country.
An integrated player from farm to fork; the company is also among the pioneers of oil palm plantations in India. Ruchi Soya is also one of the top exporters of value added soybean products like soy meal, textured soy protein and soy lecithin.
Its Nutrela is the largest selling soya foods brand in the country and has more than 50 per cent market share.
A successful deal will transform Patanjali to a consumer products giant in the Indian market, which currently has annual sales of Rs 10,561 crore ($1.6 billion).