Patanjali Ayurved, led by Baba Ramdev, has expressed interest in acquiring the debt-ridden company Rolta India. According to an Economic Times report, Patanjali Ayurved has made a cash offer of Rs 830 crores. Patanjali's offer comes just a week after Pune-based Ashdan Properties was declared the highest bidder by banks.
Committee to decide
The Economic Times report states that Patanjali Ayurved has approached the National Company Law Tribunal (NCLT) to include its offer. NCLT has set up a committee to decide whether to include Patanjali's bid in the process.
Company under debt burden
Rolta India has taken a huge loan of ₹1400 crores. The company's financial condition is critical, and it is now failing to repay the loan. As a result, bankruptcy proceedings were initiated in January 2023 based on a petition filed by Union Bank of India. Rolta India has taken a loan of Rs 7100 crores from a consortium of banks led by Union Bank. At the same time, it has taken unsecured loans of Rs 6699 crores from a consortium of banks led by Citigroup. Kamal Singh is the promoter of this company.
What does the company do?
This is an IT company. The company provides services in Defense and Home Land Security, Power, Financial Services, Manufacturing, Retail and Healthcare. In the financial year 2022, the company had a loss of ₹1000 crores. While the revenue during this period was only Rs 38 crores.