Adanis lead race to buy Ruchi Soya

Billionaire Gautam Adani's group company on Tuesday offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.

Baba Ramdev-promoted Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore, they added.

However, Patanjali will have a right to match the offer under an auction being done under so called Swiss challenge method.

The Committee of Creditors (CoC) of Ruchi Soya, in its meeting held on Tuesday, opened the bids submitted by the two contenders — Patanjali group and Adani Wilmar, which sells cooking oil under the Fortune brand.

The CoC has decided to conduct Swiss challenge method to maximise the asset value of Ruchi Soya.

When contacted, Haridwar-based Patanjali spokesperson did not disclose the bid value.

However, he raised question over the neutrality of the process citing the media reports of resignation of law firm Cyril Amarchand Mangaldas as advisor of Adani Wilmar. The law firm is also advising the Ruchi Soya's resolution professional.

"We are surprised and sought details from CoC. We have written letter on the issue of resignation of Cyril Amarchand Mangaldas," said Patanjali spokesperson S K Tijarawala.