Patanjali Ayurved has reportedly expressed interest in buying the debt-ridden technology firm Rolta India. 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 an ET report.
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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.
Kamal Singh promoted Rolta is a defence focussed software company. The firm was admitted to the bankruptcy process in January 2023. It owes Union Bank of India (UBI) a total of Rs 7,100 crore and another Rs 6,699 crore to unsecured foreign bond holders led by Citigroup.
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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. 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 crore. While the revenue during this period was only Rs 38 crore.
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Rolta’s real estate, especially in Mumbai, could be a possible draw for the bidders. ET added that Patanjali Ayurved may also be looking at Rolta’s IT infrastructure to firm up its plans for a home delivery application.
