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The bids were opened on Tuesday after the creditors decided to allow the two contenders —
Adani Wilmar and Patanjali — to revise their offers so that maximum value could be derived
+ from the sale of Ruchi Soya. Best known for its Nutrela soya products and Sunrich edible oil, the Dinesh Shahra-promoted company owes over Rs 9,000 crore to lenders. In the initial bidding round, Patanjali had made the highest offer of Rs 4,500 crore for Ruchi Soya.
Though this time around Adani Wilmar has emerged as the top bidder for Ruchi Soya, Patanjali has the option to increase its bid. Consequently, Adani Wilmar has the right of first refusal where it could enter into an agreement with the lenders by making a better offer than Patanjali’s or it could bow out of the deal.
Unlike pure-play bankruptcy deals, where the bidder is decided on the highest offer like in case of Bhushan Steel and Electrosteel, the creditors of Ruchi Soya have decided to follow the Swiss auction method, giving bidders the opportunity to match each other’s offer or improve their bids.
If Adani Wilmar, in which the Singapore-based commodities player Wilmar holds a 50% stake, bags Ruchi Soya, it will be another major deal for the Southeast Asian company in India. Recently, Wilmar acquired Shree Renuka Sugars, one of the largest sugar producing companies in the country.
Though Patanjali has agreed to the Swiss auction method, it has raised concerns about having a common legal adviser for both the resolution professional, who is the interim overseer of Ruchi Soya, and for Adani Wilmar. Patanjali, in a letter to Ruchi Soya’s lenders, had said that Cyril Amarchand Mangaldas’ dual appointment has led to conflict of interest. Sources said that the top law firm had resigned from Adani Wilmar some three weeks back but it continues to be an adviser to the resolution professional.