Patanjali gets Rs 3,200 crore loan from banks to acquire Ruchi Soya
By MYBRANDBOOK
Patanjali Ayurved led by Baba Ramdev has announced of having received a loan worth Rs 3,200 crore from a consortium of lenders led by State Bank of India to fund its acquisition of Ruchi Soya through insolvency process.
The National Company Law Tribunal (NCLT) approved the resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi Soya in September.
Patanjali has also claimed of having been sanctioned loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India, Rs 400 crore from Syndicate Bank and Rs 300 crore from Allahabad Bank.
Ruchi Soya went into insolvency in December 2017. NCLT had admitted the insolvency plea filed by two leading financial creditors Standard Chartered Bank and DBS Bank. Though later DBS Bank became a dissenting creditor and approached the National Company Law Appellate Tribunal challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
Ruchi Soya told the NCLT that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt. The amounts will be infused into a special purpose vehicle (SPV), Patanjali Consortium Adhigrahan Pvt Ltd, which will be later amalgamated with Ruchi Soya.
A committee of creditors had approved Patanjali group's Rs 4,350 crore resolution plan to take over Ruchi Soya on 30th of April.
BREAKING NEWS
TECHNO TRENDS
Happiest Minds brings in an innovative GenAI chatbot
Happiest Minds Technologies has announced the new GenAI chatbot - ‘hAPPI...
Government mandates encryption for CCTV cameras to ensure netw
In the wake of issuing an internal advisory on securing CCTV cameras at g...
TRAI recommends allowing only Indian entities to participate i
The Telecom Regulatory Authority of India (TRAI) has recommended that onl...
Galaxy AI is available on more devices with Samsung One UI 6.1
Samsung has expanded the range of smartphones to which One UI 6.1 and Gala...
E-Magazine
TECHNOTAINMENT
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
Miss World 2024: Krystyna Pyszková of the Czech Republic wins
Krystyna Pyszková of the Czech Republic has been crowned as the 71st Miss
MOVERS & SHAKERS
Brillio appoints Ashish Singh to its Board of Directors
Brillio has announced that Ashish Singh has been appointed to the company
JSW One Platforms ropes in Dr Ranjan Pai as Independent Direct
JSW One Platforms, part of US$23 billion JSW Group has appointed Dr Ranjan
OPEN YOUR EYES
INTERVIEWS
MEASURE AND IMPROVE YOUR SECURITY POSTURE WITH KEYSIGHT
Is your security team prepared for the next cyber-attack? Are your security
Acuutech continues to focus on innovation, customer focus and
Acuutech with its strong partnership with Lenovo and Microsoft forayed into
HOT PICK
HP launches first laptop in India with Microsoft CoPilot butto
HP has launched sleek and stylish Envy x360 14 laptops in India which beco
OnePlus debut its Nord CE4 smartphone
OnePlus Nord CE4 continues the trend of attention-grabbing design with two
MAKE IN INDIA BRANDS
TEJAS NETWORKS INDIA PVT. LTD.
NETWEB TECHNOLOGIES INDIA LTD.
SECLORE TECHNOLOGY PVT. LTD.
SAMSUNG INDIA ELECTRONICS PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
Technology Icons Of India 2023: Sandip Patel
Sandip Patel is the Managing Director, IBM India/South Asia. He is res...
Technology Icons Of India 2023: Hari Om Rai
Hari Om Rai is the Co-founder, Chairman & Managing Director of Lava In...
PARTNER SPEAKERS
PSU
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
VIDEOS
Top 25 Brands
Value-Added Distribution
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
