Baba Ramdev’s company Patanjali is finally going to buy Ruchi Soya. The National Company Law Tribunal has approved this Patanjali bid. After this interest Soya’s stock gained momentum.
New Delhi: Patanjali has bought oil company Ruchi Soya. However, many processes are still pending in this. Currently NCLT has approved the bid of Rs 4350 crore of Baba Ramdev’s company. This is the revised quote. Patanjali Ayurved wanted to buy this oil company for a long time. Ruchi Soya has a debt of Rs 9345 crore. At the same time, 2800 rupees have to be given to the creditors of this company.
Standard Chartered Bank and Singapore-based company DBS filed an application in the NCLT against Patanjali’s bid. The NCLT has rejected it. Ruchi Soya has a debt of Rs 9345 crore from big banks. SBI’s debt in this is Rs 1800 crore. At the same time, the Central Bank has given a loan of Rs 816 crore to this company. Punjab National Bank has given a loan of Rs 743 crore, Stanchart 608 crore, DBS 243 crore loan to Ruchi Soya.
Out of Rs 9345 crore, Patanjali is giving Rs 4350 crore for this company. This means banks will have to give up more than half of their debt. At the same time, RP has accepted claims of Rs 2716.61 crore for this company. This order does not say how much amount these claimants will get out of this amount.
The hearing of this entire case will now be on 1 August 2019. The NCLT asked Resolve Professionals to also tell them the true cost of the entire resolution process. The tribunal ordered a 43-page order on the entire matter. Responding to this entire issue, Patanjali MD Acharya Balakrishna said that this is a positive step which will help in furthering the Swadeshi movement.
He said that this is a big step to use the idle natural resources. This will strengthen the Swadeshi movement which will benefit the farmers.
He also said that the company will use Ruchi Soya’s infrastructure for the betterment of farmers.
The NCLT completed the hearing of the entire case on 10 May and reserved its order. Apart from this, the 600 crore rupees of funding which was to be raised from internal resources, had sought clarification on that. The NCLT has given instructions on this issue twice. Patanjali has said that out of the Rs 4350 crore funding, it will give 600 crore rupees from internal resources but did not reveal its source.
In December 2017, NCLT accepted the insolvency petition against Ruchi Soya of Standard Chartered Bank and DBS. Shailendra Ajmera was made a resolution professional for this. Earlier, the bid of Gautam Adani’s company Adani Wilmar was approved.
Later, Adani’s company backed out even after the highest bid. After this, Patanjali remained the only company. In April, Patanjali raised the bid by Rs 140 crore to Rs 4350 crore.
After buying Ruchi Soya, Patanjali will become a big player in Soyabean Oil Baadar. Ruchi Soya has oil brands like Nutrilla, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. Patanjali has a turnover of Rs 12000 crore in FY 2018. The company had a turnover of Rs 10561 crore in FY 2017.