Under whose advice or insistence did the banks fund the acquisition, it asksThe Congress on Wednesday alleged that the Narendra Modi government helped the Patanjali group buy out an insolvent company by arranging loans from public sector banks. Addressing a virtual press conference, Congress spokesperson Pawan Khera alleged that Yoga Guru Ramdev-promoted Patanjali group bought Ruchi Soya for ₹4,350 crore. “This company [Ruchi Soya] had taken loans of ₹12,146 crore and the banks started making claims for them. Also read: Patanjali’s Ruchi Soya files for ₹4,300 crore FPOHowever, when Patanjali decided to take over the defunct company, the PSBs agreed to offer loans worth ₹3,250 crore to fund the acquisition. Pertinent questions“This raises pertinent questions: owing to what pressure did the SBI fund Patanjali’s investment into Ruchi Soya?

Source: The Hindu June 30, 2021 15:45 UTC