Adani Wilmar could emerge as winning bidder for Ruchi Soya: Report

Ruchi Soya Industries | Ram Bharat designated as Managing Director of the company. (Image: Moneycontrol)

Adani Wilmar could emerge as the winning bidder for edible oils manufacturer Ruchi Soya, as Patanjali Ayurved has not improved on its offer, The Economic Times reports.

"Patanjali did not give any reasons to lenders for not improving upon its bid," a source told the paper. Baba Ramdev's Patanjali had been given time till Saturday morning to counter Adani Wilmar's offer.

Adani Wilmar will likely be declared as the highest bidder after lenders meet next week, the report said. Once the company has been declared as the inning bidder, negotiations will be held on the details of the deal.

Adani Wilmar made an offer of about Rs 6,000 crore for the bankruptcy-hit company, PTI reported last week.

Adani Wilmar is a joint venture between Adani Group and Singapore-based Wilmar International.

The Swiss challenge method for bidding was chosen by the Committee of Creditors (CoC).

Mumbai-based Ruchi Soya has been facing insolvency proceedings since December 2017.

Ruchi Soya's brands include Nutrela, Mahakosh Soyabean oil, Ruchi Gold Palmolein and Sunrich sunflower oil.

Bidders, lenders and resolution professional have until September 12 to form a resolution plan. The National Company Law Tribunal (NCLT) recently extended the June 12 deadline by 90 days.

If no resolution plan is formed, the company could go into liquidation.