Patanjali makes highest bid for debt-laden Ruchi Soya

New Delhi [India], May 07 (ANI): Yoga guru Ramdev's Patanjali has made the highest bid for debt-laden edible oil maker Ruchi Soya Industries.

Patanjali's spokesperson SK Tijarawala tweeted, "With the highest bid for Ruchi oils, the monopoly of international will break. Due to this, demand for 'Swadeshi' of edible oils will increase. The creditors must ensure that the bidding process is transparent, equitable and justiceful."

Reportedly, Patanjali has made the highest bid for Ruchi Soya, beating Adani Wilmar, Godrej Agrovet and Emami.

Debt-ridden Ruchi Soya was taken into the auction process as part of the government's drive to clear bad loans choking credit at Indian banks.

Ruchi Soya brand includes Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.

According to reports, Ruchi Soya's debt stood at about Rs 12,000 crore as of December 31, 2017, and lenders dragged the company to the National Company Law Tribunal (NCLT) last year. (ANI)

This story has not been edited. It has been published as provided by ANI