Godrej Agrovet, a part of Godrej Group announced on Wednesday that it is really looking forward to acquiring the Oil Palm business of Ruchi Soya Industries that is facing insolvency proceedings and has issued a bid for the same.
The creditors of Ruchi Soya (An Indore-based firm) are expected to meet next week to approve the bids, stated Balram Singh Yadav, Managing Director, Godrej Agrovet Limited.
Yadav told PTI, “ We have actively participated in the race and have made a bid through National Company Law Tribunal. The Committee of Creditors will probably open up the bid in a week’s time. We are keen on certain parts of Ruchi Soya especially their oil palm plantation business, it is more appealing to us since we also run a similar business which makes us experienced in that field.”
He further added, “And as far as Ruchi Soya is concerned that is our main focus.”
Having a tremendous debt of Rs 10,000 crore, Ruchi Soya Industries Ltd entered the Corporate Insolvency Resolution Process back in December 2017, furthermore, Shailendra Ajmera was appointed by the company to act as Interim Resolution Professional.
Amongst the other bidders are Patanjali Arurved a fast moving consumer goods firm which is operated by yoga guru Baba Ramdev and Adani Wilmar, the brand sells cooking oil under Fortune Brand.
In reply to a query, Yadav stated that they have accumulated Rs.5,200 crore revenue and they expect to record higher growth during the current fiscal.
Yadav claims that the company’s Animal Feed division is expected to deliver better results provided its supported by favorable commodity prices.
As per Yadav’s statement, it reads, “I believe that the growth of the Animal Feed division will easily be doubled this year if the trend that I see right now continues.”
Additionally, The launch of ‘Jersey Thickshakes’ was announced on Wednesday by Creamline Dairy Products Limited (CDPL), subsidiary of Godrej Agrovet Limited.
Creamline Dairy Private Limited’s state-of-the-art plant near Hyderabad is going to be the manufacturer of ‘Jersey Thickshakes’.
Major stakes of CDPL were purchased by Godrej Agrovet in December 2015.
CDPL is a company with a processing capacity of above 12 lakh litres per day and over 100 collect centers, it has a strong distribution network in Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and parts of Maharashtra.