This researcher view only, because two private entities doing business deal is not a scam, unless some irregularities are found and government agencies take up the case. Not our views i.e Sagar Media Inc
June22, 2018 (C) Ravinder Singh firstname.lastname@example.org
Media for some time was reporting Rs.12,000 Cr NPA of Ruchi Soya registered in Mumbai but as per the latest reports – Adani Wilmar has 50% foreign equity was successful bidder.
But the Scam is that Lender Banks to Ruchi Soya shall get Rs.4,300 Cr and Adani Wilmar shall get credit of Rs.4,000 Cr – Net Gain to the Banks shall be only Rs.300 Cr when dues submitted to the Resolution Professionals were Rs.10,493 Cr but this doesn’t include Priority Unpaid Dues to Farmers and Suppliers.
Obviously actual dues to Banks at penal rates could be much more than 10,493 Cr. So Banks had Written Off or Foregone Rs.6,193 Cr and two private Banks shall Contribute Rs.4,000 Cr and much more future therefore is 100% Scam.
Banks had not removed Tumor in Ruchi Soya Cancer Merely taken out 4300 Units of Blood and injected 4000 Units of Blood. This takeover means Huge Excess Capacity & Low Capacity Utilization.
Ruch Soya mainly depended on Soybean Processing which was impacted by three factors – MSP was increased sharply in recent years, not even 1% of Soybean Cultivated area is irrigated and as per Agriculture Stats of India Index of Soybean Production base year 2007-08 = 100 was 156.6 in 2012-13 declined to 91.8% in 2015-16. In year 2012-13 it reported record PAT of Rs.236 Cr – less than 1% of Revenue which in three years turned in to Rs.879 Cr loss in 2015-16.
This year too Soybean Region of India West Madhya Pradesh has received (-) 15% of normal rainfall so far and last year was (-) 16% for entire season – All India Rainfall as on June21, 2018 is (-) 9%. Rajasthan & Saurashtra important Oilseeds area has not received pre monsoon rains. And monsoon is not progressing since June10.
Adani Group itself is highly indebted and in loss. Adani-Wilmar is already into Oil Business similarly IMPACTED by decline in Oilseed Production.
I don’t think Adani-Wilmar will ‘Repay Bank Loans of Rs.4,000 Cr’when it has surplus capacity in similar locations.
Banks should have taken over Ruchi Soya assets and Stripped it into 15 Regional Companies and should have sold them to Local companies who are more likely to Pay Best Price and promote local cultivation in Irrigated Farms.
Ramdev’s Patanjali bid was Far Superior to Adani-Wilmar – it is already has WIDER Exposure in Food Sector and Expanding Rapidly compared to Adani-Wilmar and is more competitive.
Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, ND -110016, India. Ph: 091- 8826415770, 9871056471, 9650421857
Ravinder Singh* is a WIPO awarded inventor specializing in Power, Transportation,
Smart Cities, Water, Energy Saving, Agriculture, Manufacturing, Technologies and Projects