Baba Ramdev wants Ruchi Soya. Will he get it? Big rivals in fray

Baba Ramdev led Patanjaly Ayurved is set on buying this debt-ridden company, but he is just one amongst many others and success is not guaranteed. The committee of creditors to the bankrupt Ruchi Soya Industries met on Thursday to pick the final bidder for the edible oil maker, sources say. The Indore-based Ruchi Soya owes around Rs 10,000 crore to a consortium of 16 lenders (as of FY17) and was referred to bankruptcy court last year as part of the 28 accounts referred to by the Reserve Bank.

There are six-seven bidders for the bankrupt Ruchi Soya, sources said, adding the last day to submit the bids was Wednesday. "There are six bids available and they are likely to be opened today. Final decision may happen today or else there may be a meeting on May 7," a source said. Godrej Agrovet, Adani Wilmar, Emami and Patanjali Ayurved have submitted their bids to take over the company. Ruchi Soya was part of the list of 28 companies for which RBI had given a deadline till December 13 to lenders to come out with a resolution plan.

Ruchi Soya was admitted for the insolvency resolution process after two financial creditors-- Standard Chartered Bank and DBS Bank-who are not part of the consortium had on December 15, 2017 moved the NCLT. NCLT had appointed Shailendra Ajmera of EY as resolution professional.

Ruchi Soya has interest in agro-commodities and commodities. It has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold, among others. Patanjali already has a tie-up with Ruchi Soya for edible oil refining and packaging, while Godrej Agrovet and Emami Agrotech confirmed that they have put in bids for Ruchi Soya but did not disclose the value.

Sources said that Adani Wilmar, which sells cooking oil under Fortune brand, too has put in a bid. "We bid for Ruchi Soya yesterday. While Emami Agro's own expansion plans are already underway, Ruchi Soya's assets are likely to add an impetus to our growth trajectory," a company spokesperson said.

A Patanjali spokesperson said the company has also 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.

Emami Agrotech is the edible oil and bio-diesel arm of Emami Group. It has diverse business interests in segments such as production and distribution of edible oil, specialty fats and bio-diesel. Godrej Agrovet, part of the Godrej Group, is into animal feed, crop protection, oil palm, dairy, poultry and processed foods.