Patanjali sweetens bid for Ruchi Soya
NEW DELHI: Patanjali Ayurveda has raised its bid to acquire Ruchi Soya and had made the revised offer to the Committee of Creditors (COC) for the debt ridden company, sources said.
The latest bid is around 30 per cent higher than that of the Adani group, which is also in the race to acquire the company with its offer of around Rs 3,300 crore, the sources said.
The new offer was made after the representatives of Baba Ramdev-led Patanjali group met the COC of Ruchi Soya, said a sources, adding that they had asked the group to sweeten the offer. Patanjali has also assured the lenders that it would invest extra capital required to revive the company.
Haridwar-based Patanjali group had emerged as the front runner with a bid of over Rs 4,000 crore to acquire Ruchi Soya. The COC of the company is meeting on Monday and may finalise the bids.
When contacted, Patanjali spokesperson S K Tijarawala said: "On Monday COC is meeting and we are waiting for the outcome." Patanjali and Adani apart, Wilmar, Emami Agrotech and Godrej Agrovet have also put in bids to acquire Ruchi Soya. Patanjali Ayurveda already has a tie-up with the Indorebased Ruchi Soya for edible oil refining and packaging.
Ruchi Soya, facing the insolvency proceedings, has a total debt of about Rs 12,000 crore. The company has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
Earlier, Patanjali spokesperson had said that the company has bid for Ruchi Soya as it aims to be a major player in edible oil segment, particularly soybean oil. It also wants to work for farmers benefit.
In December 2017, Ruchi Soya Industries Ltd entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed to act as interim resolution Professional (IRP).
The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.
Adani Wilmar sells edible oils under Fortune brand. Emami Agrotech is the edible oil and bio-diesel arm of Emami Group of Companies, the Rs 100 billion, business conglomerate based in Kolkata. It has diverse business interests in segments such as production and distribution of edible oil, specialty fats and bio-diesel. NEW DELHI: The Digital India programme has transformed into a "mass movement" and the government will soon finalise a new electronics policy for build on the momentum, IT Minister Ravi Shankar Prasad has said.
It will also push ahead to meet the ambitious goal of increasing the size of India's digital economy to $1 trillion in the coming years.
"We are soon going to finalise the new electronics policy whose sub-segment will be export-oriented initiatives in the field of electronics. The idea is to make India a big hub of electronics manufacturing to serve domestic as well as outside markets," Prasad said.
In an interview, coinciding with the fourth anniversary of the Modi government, Prasad said the troika of 31 crore Jandhan accounts, 121 crore mobiles and biometroc identifier Aadhaar (dubbed JanDan-aadhaar-mobile or JAM trinity) for pushing welfare benefits and subsidies, have led to savings of Rs 90,000 crore.
"This is India for digital inclusion and if I juxtapose it on what Rajiv Gandhi had said about sending Rs 1 from Delhi and 15 paise reaching on the ground...in the Modi government Rs 1 is sent and it reaches the bank account," Prasad said.
Highlighting the milestones on IT and electronics related initiatives, Prasad said that Common Service Centre have risen from 83,000 to 2,91,000, while 89 BPOS have started operating in various states in a matter of 2.5 years.
Production of mobile handsets in India too has seen an unprecedented growth, he said adding that almost 120 units manufacturing mobile handsets and components have been established in the country over the last three years.
"We will further accelerate this process and concretise the potential of India's digital economy to $1 trillion economy," Prasad said. MUMBAI: Dairy co-operative Amul is aiming to grow at 20 per cent this financial year, to touch a group turnover of close to Rs 50,000 crore, on the back of growing consumer portfolio, premiumisation and rising demand, a top company official said.
"The Amul brand, which clocked a turnover of over Rs 40,000 crore last financial year, will grow at 20 per cent this year," RS Sodhi, the managing director of Gujarat Co-operative Milk Marketing Federation (GCMMF), which markets milk and milk products under the Amul brand, said here.
The Amul brand includes the 18 member dairies of the Gujarat Co-operative Milk Marketing Federation.