Indian edible oil importer and retailer Ruchi Soya is an acquisition target for regional agri-co heavyweights.

Commodities trader Sakuma Exports has submitted an expression of interest to acquire Ruchi Soya, which is in the midst of an insolvency resolution process with India’s National Company Law Tribunal (NCLT). It confirmed the move in a brief statement.

Sakuma is said to be interested in entering the retail market using Ruchi Soya’s existing distribution network.

News agency Reuters also reported that Malaysia’s Sime Darby Plantation, the world’s largest oil palm planter by land holdings, has expressed interest in Ruchi Soya. 

However, another potential suitor, Malaysian agri-co Felda Group Ventures Holdings (FGVH), has said it is not interested in acquiring a stake in the Indian firm.

Group president and CEO Datuk Zakaria Arshad said the plantation giant is not looking to make a bid for Ruchi, despite significant interests shown by other agribusiness operators.

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In November, Ruchi Soya reported rising half year losses amid falling sales. It also said it planned to sell 51% of the company to Asian merchant bank Devonshire Capital.