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Patanjali remains keen to buy out Ruchi Soya as Adani Wilmar withdraws its offer, says report

Patanjali remains keen to buy out Ruchi Soya as Adani Wilmar withdraws its offer, says report
Baba Ramdev's Patanjali Ayurved is eager to acquire Ruchi Soya after the successful bidder Adani Wilmar withdrew its offer to buy the edible oil maker, citing “delays” in closing the resolution process, The Economic Times reported.
Patanjali Ayurved, which was the second-highest bidder for the company, wrote to resolution professional Shailendra Ajmera from EY and the lenders to Ruchi Soya that it is still interested in the company and is willing to match Adani’s offer if allowed, sources told the paper.
The letter comes after Adani Wilmar said it is withdrawing its Rs 5,474-crore offer for Ruchi Soya as the delays in closing the process is causing “deterioration of the asset” and is “detrimental to the interest of the stakeholders”, people familiar with the matter told the ET.
Ruchi Soya carries a debt of Rs 9,405 crore to lenders and Rs 1,248 crore to operational creditors.

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