Patanjali Ayurved has reportedly expressed interest in buying the debt-ridden technology firm Rolta India.
Source: Facebook Photo
The Baba Ramdev-led company has made a cash offer of Rs 830 crore, just weeks after Pune-based Ashdan Properties was declared the highest bidder for Rolta, as per media reports.
Source: PTI
Patanjali Ayurved has approached the National Company Law Tribunal (NCLT) to include its offer. A panel will decide the firm's inclusion in the bidding process.
Source: Facebook
Kamal Singh promoted Rolta as a defence focussed software company. The firm was admitted to the bankruptcy process in January 2023.
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It owes Union Bank of India (UBI) a total of Rs 7,100 crore and another Rs 6,699 crore to unsecured foreign bondholders led by Citigroup.
Source: ANI
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.
Source: X Photo
The company provides services in Defence and Home land security, Power, Financial Services, Manufacturing, Retail and Healthcare.
Source: X Photo
In FY22, the company had a loss of ₹1000 crore. While the revenue during this period was only Rs 38 crore.