‘Godrej Agrovet planning to bid for Ruchi Soya’

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Mumbai, Mar 20: Mumbai-based Godrej Agrovet is planning to bid for India’s largest edible oils maker Ruchi Soya, according to a report.
Godrej Agrovet is specifically looking at Ruchi Soya’s palm oil business, the report said.
The company has not yet approached Ruchi Soya, the paper clarified. Godrej Agrovet could join others interested in the company since it is not interested in Ruchi Soya’s other businesses.
“They have some beautiful assets. We want to buy their oil palm business. The problem is we cannot just bid for one part of the business.We would like to see if some other companies can also come together to bid for their assets,” a source said.
Ruchi Soya Industries is undergoing bankruptcy proceedings. The insolvency proceedings began in December.
The company has received 26 proposals from Indian and foreign companies for a 51 percent stake in the company, according to a Hindu Business Line report last week.
The bidders have offered between Rs 8,000 crore and Rs 10,000 crore, the report said.
Balram Singh Yadav, managing director, Godrej Agrovet, said the company is evaluating growth opportunities.
“Godrej Agrovet is a diversified, research and development focused agri-business company, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. We continuously explore growth opportunities at an appropriate valuation,” the managing director said.