Adani Wilmar, a JV between the Adani Group and Singapore’s Wilmar International, has beaten rival bidder Patanjali to place a higher bid of close to Rs 6,000 crore for the bankrupt Ruchi Soya, bankers said.
Yoga guru Baba Ramdev’s Patanjali has offered to pay close to Rs 4,000 crore as upfront payment and another Rs 1,700 crore as capital infusion. Sources said a Swiss challenge auction will be conducted, where Patanjali will be given the option to match Adani Wilmar’s offer. Also, Adani Wilmar will be given the first right of refusal after Patanjali submits its revised bid. —FE