Patanjali places Rs 830 crore bid to acquire Rolta India

Acquisition Bid: Patanjali Ayurved has expressed interest in buying debt-ridden technology firm Rolta India.

Baba Ramdev-led Ayurvedic-focused firm has me an all-cash offer of Rs 830 crore, a few weeks after Pune-based Ashdan Properties was declared highest bidder for Rolta, according to media reports.

Patanjali Ayurved h approached National Company Law Tribunal (NCLT) to include its offer. A panel will decide firm's inclusion in bidding process.

Kamal Singh promoted Rolta India, a defence-focused software company. firm was mitted to bankruptcy process in January 2023.

company owes Union Bank of India (UBI) Rs 7,100 crore and anor Rs 6,699 crore to unsecured foreign bondholders led by Citigroup.

Rolta first defaulted on foreign currency loans in 2016. After dodging bankruptcy thrice, it finally landed on NCLT table after Union Bank filed a petition.

company provides services in defense and homeland security, power, financial services, manufacturing, retail, and healthcare.

In FY 2022, company h a loss of Rs 1,000 crore, while revenue during this period stood at Rs 38 crore.