ITANAGAR, Mar 21: Ruchi Soya, the largest player in the oil seed extraction in the country, which has an agreement with the Government of Arunachal Pradesh for plantation and development and marketing of palm oil, may soon handover its palm oil business to another palm oil developer.
Ruchi Soya Industries had signed an agreement with the Arunachal Pradesh government in October 2016 for oil palm development in 45,000 hectares, covering East and West Siang, East Kameng, Lower Subansiri and Papum Pare districts.
According to Mint and Moneycontrol.com, in December 2017, NCLT’s Mumbai bench admitted Ruchi Soya’s Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, following petitions by the Standard Chartered Bank and DBS Bank.
Ruchi Soya had a total debt of about Rs 12,000 crore as of 31 December, 2017.
Mumbai-based Godrej Agrovet (GAL), one of the largest palm oil developers in India is planning to bid for Ruchi Soya. Companies such as Patanjali Ayurved, ITC and Emami, too, have evinced interest in Ruchi Soya, as per media reports.
It has received as many as 26 applications from Indian and foreign conglomerates to acquire a 51 percent equity stake.