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Competition Commission Of India (CCI) approved the proposal by Adani Wilmar to acquire Ruchi Soya as it emerged to be the highest bidder. The CCI announced via Twitter that, “@CCI_India finds no Appreciable Adverse Effect on Competition in the proposed acquisition of Ruchi Soya by Adani Wilmar Limited.”
Adani Wilmar Limited reportedly made the bid to acquire Ruchi Soya for Rs. 6000 crores. Whereas Patanjali Ayurved, which is already currently in a partnership with Ruchi Soya Industries for the physical refining and packaging of edible oils, made the bid for around Rs. 5700 crores. Ruchi Soya is currently under the debt of Rs. 12000 crores. Ruchi Soya has a number of manufacturing plant under the brand name of Nutrela, Mahakoshal, Sunrich, Ruchi Star, Ruchi Gold.
Ruchi Soya also posted their quarterly financial results for the current fiscal with a net profit of Rs. 22.6 crores against a net loss of Rs. 286 crores incurred during the previous year June-end quarter. Although the total revenue of the company dropped by 8.7% to Rs. 2992.5 crores during the quarter under review as compared to Rs. 3280.18 crores earned during the corresponding quarter last year.
During the December of 2017, Ruchi Soya Industries entered into the Corporate Insolvency Resolution Process (CIRP).
