Media reports have said that more than 95% of lenders to bankrupt Indian edible oil business Ruchi Soya have backed a takeover bid from local FMCG giant Patanjali Ayurved.
Last Friday (26 April), it was reported that the drawn-out sale of Ruchi Soya could be finalised soon as a meeting of the Committee of Creditors (CoC) overseeing the possible sale to Patanjali was due to take place that day.
Go deeper with GlobalData
While there has been no official announcement following that meeting, media reports in India and internationally are agreed that the creditors overwhelmingly backed the bid.
News agency Bloomberg, quoting people familiar with the situation, said 96% of creditors backed the deal and that it had also received confirmation of the decision from Patanjali, which would now be able to proceed.
In March, it was reported that Patanjali had increased its bid to INR43.5bn (US$626.1m at the time) for Ruchi Soya, which entered a corporate insolvency resolution process in 2017.
See Also:
Patanjali was initially outbid in its attempt to buy Ruchi Soya by local cooking oil business Adani Wilmar, which later withdrew its offer after growing frustrated by delays in the insolvency process.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDebt-ridden Ruchi Soya has a number of manufacturing plants and owns brands including Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
