Synopsis
Adani has done acquisitions of a dozen insolvent companies so far and managed to successfully rehabilitate them. In turn, these companies are helping the group consolidate its position across sectors such as power, ports, and real estate, etc.
2018. As Ruchi Soya, an Indore-based edible oil manufacturer, was undergoing insolvency, a takeover battle between Adani Wilmar and Patanjali Ayurveda sparked off. Initially, things were working for Adani Wilmar. It emerged as the highest bidder, surpassing Patanjali and even received 92% approval from the committee of creditors. However, Patanjali challenged the bidding process, alleging a conflict of…
