Reports in India suggest the drawn-out sale of bankrupt edible oil business Ruchi Soya could be finalised soon.
The country’s The Economic Times newspaper, quoting sources, said a meeting of the Committee of Creditors (CoC) overseeing the sale is due to take place today (26 April) to consider an increased offer for the business from locally-based suitor Patanjali Ayurved, a FMCG heavyweight.
Last month it was reported that Patanjali had increased its bid to INR43.5bn (US$626.1m) for Ruchi Soya, which entered a corporate insolvency resolution process in 2017.
Sources in India quoted in the local media suggest that the CoC will vote on Patanjali’s resolution plan today and the e-voting will remain open for the next 24 hours.
A Patanjali spokesperson told the CNBC-TV18 network that the process is underway and that they have clarified all the technical issues.
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.
Debt-ridden Ruchi Soya has a number of manufacturing plants and owns brands including Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.