Godrej Agrovet Keen to Acquire Ruchi Soya's Oil Palm Business

Godrej Agrovet, part of Godrej group, is reportedly keen to acquire the oil palm business of Ruchi Soya Industries, which is facing insolvency proceedings, and has submitted its bid in this regard. News agency reports quoted Mr. Balram Singh Yadav, Managing Director, Godrej Agrovet Ltd., as saying that the company had made a bid through the National Company Law Tribunal.

The Committee of Creditors to the bankrupt Ruchi Soya, an Indore-based firm, is expected to meet soon to finalise the bids.

“We are in the race. We are very keen on some part of Ruchi Soya. We are more keen on their oil palm plant-ation 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,” Mr. Yadav said.

In December 2017, Ruchi Soya Industries Ltd., which has debt of Rs. 10,000-crore, entered the Corporate Insolvency Resolution Process and Shailendra Ajmera was appointed to act as Interim Resolution Professional. Patanjali Ayurved and Adani Wilmar, which sells cooking oil under Fortune brand, are among the other bidders.

Balram Singh Yadav