More than a year after it was dragged into the bankruptcy court by lenders, Ruchi Soya is set to be acquired by Baba Ramdev's Patanjali Ayurveda, multiple sources aware of the development told CNBC-TV18.

Over 95 percent of the lenders to Ruchi Soya voted in favour of Patanjali Ayurveda's resolution plan to take over the company, said the sources.

Patanjali Ayurveda has offered Rs 4,325 crores to acquire the country's largest edible oil maker, said the banking sources, adding that this includes Rs 115 crore as capital infusion into the company.

The Madhya Pradesh based edible oil maker was referred to the NCLT in December 2017 on the application of creditors Standard Chartered Bank and DBS Bank. Shailendra Ajmera was appointed as resolution professional (RP) to manage the affairs of the company and undertake the insolvency process.

Adani Wilmar, which had emerged as the highest bidder in August 2018 after a long drawn battle with Patanjali, withdrew from the bidding process citing delay in the insolvency process.

Ruchi Soya has a total debt of about Rs 10,000 crore. The debt-ridden firm has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

First Published:Apr 30, 2019 10:21 PM IST