BS: Ruchi Soya net loss narrows to Rs 88.04 cr in 2018-19

29 May 2019: Edible oil firm Ruchi Soya, which is facing insolvency process, Wednesday reported a consolidated net loss of Rs 88.04 crore for 2018-19.

Its net loss had stood at Rs 5,754.6 crore in the financial year 2017-18, the company said in a regulatory filing.

The company’s total income rose to Rs 12,849.38 crore during 2018-19, compared with Rs 12,063.93 crore in the previous year. Expenses fell by over Rs 5,300 crore during the period under review.

Baba Ramdev-led Patanjali Ayurved’s Rs 4,325-crore bid to acquire Ruchi Soya has been approved by the committee of creditors.

Patanjali acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over Rs 9,300 crore loans. Adani Wilmar had decided to pull out from the race despite being selected the highest bidder few months ago.

The Business Standard reported



Categories: General News, India Bankruptcy, Indian Earnings

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