India’s competition authority has given the all-clear to Adani Wilmar’s bid for local edible oil business Ruchi Soya.
Adani Wilmar, which sells cooking oil in India under the Fortune brand, emerged as the highest bidder for Ruchi Soya, which entered into a corporate insolvency resolution process in December.
Now, its bid, estimated to be worth US$854m, has been given the nod by The Competition Commission of India (CCI).
A Wilmar spokesperson told just-food: “We can confirm that the approval from CCI has been received, however we are unable to comment on the bid value.”
Adani Wilmar filed its application with the CCI on 2 May and the regulator approved its bid on 10 August, a “highly placed source” told the Business Standard newspaper.
The path would now seem clear for Adani Wilmar to formally complete the deal.
Adani Wilmar is a joint venture between the Adani Group and Singapore’s Wilmar International.
Ruchi Soya, which owns brand such as Mahakosh, Sunrich, Ruchi Star, and Ruchi Gold, as well as a number of manufacturing plants, confirmed at the end of February that a takeover was likely.