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Godrej Agrovet to acquire oil palm biz of Ruchi Soya Industries

16/5/2018

NFS Correspondent
Source: Pixabay

Godrej Agrovet, part of Godrej group has said that it is keen to acquire oil palm business of Ruchi Soya Industries, which is facing insolvency proceedings, and has submitted its bid in this regard.

 

Balram Singh Yadav, managing director, Godrej Agrovet Limited, said the committee of creditors to the bankrupt Ruchi Soya, an Indore-based firm, is expected to meet next week to finalise the bids.

 

“We are in the race. We have made bid through National Company Law Tribunal. The Committee of Creditors probably in a week’s time will open the bids. We are very keen on some part of Ruchi Soya. We are more keen on their oil palm plantation business. That is very attractive because we also have that business. We know that business very well.That is our primary focus as far as Ruchi Soya is concerned,” Yadav told PTI.

 

In December 2017, Ruchi Soya Industries Ltd, which has debt of Rs10,000 crore, entered the corporate insolvency resolution process and Shailendra Ajmera was appointed to act as interim resolution professional.

 

Patanjali Ayurved, a fast moving consumer goods firm, run by yoga guru Baba Ramdev and Adani Wilmar, which sells cooking oil under Fortune brand, are among the other bidders. Replying to a query, Yadav said they clocked Rs5,200 crore revenue and expects to record higher growth during the current fiscal.

 

He said the company’s animal feed division is expected to yield better results backed by favourable commodity prices. “My sense is that the growth (animal feed division) will be more than double this year as per the trend which I am seeing now,” he said.

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