Haldiram group has emerged as sole bidder for acquiring debt-ridden dairy firm Kwality with an offer of around Rs 130 crore in the ongoing insolvency, Livemint reported. After this month, the lenders are likely to vote on Haldiram’s bid, they added.
Shailendra Ajmera, part of multinational consultancy which has been appointed as the resolution professional to conduct the insolvency proceedings, the insolvency process was started in December 2018 as the order was given by National Company Law Tribunal (NCLT). KKR, Global private equity player appealed insolvency against Kwality.
Kwality had raised Rs 300 crore from KKR Indian Financial Services and also get an additional commitment of Rs 220 crore in 2016. For the expansion plans, the amount was raised and enter into consumer segment. On Wednesday, the Committee of Creditors (CoC) met to take stock of the resolution process also to discuss the valuation report.
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