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Patanjali Ayurved has reportedly approached state-owned lenders to help fund its Rs 4,350 crore acquisition of edible oil firm Ruchi Soya Industries, a media report said.Earlier this month, Yoga guru Baba Ramdev-led Patanjali Ayurved walked away with debt-ridden edible oil firm Ruchi Soya with a bid of Rs 4,325 crore. According to The Economic Times, Patanjali Ayurved is looking to raise debt from State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank and Jammu & Kashmir Bank.Patanjali is tying up with banks to raise more than Rs 3,700 crore while Rs 600 crore will be generated through internal accruals, the newspaper report added.Patanjali almost got a walkover after rival Adani Wilmar decided to pull out from the race late last year despite being the highest bidder. With the acquisition of Ruchi Soya, Patanjali will become a major player in soybean oils and other products.In December 2017, NCLT had referred Ruchi Soya for insolvency on applications moved by Standard Chartered Bank and DBS Bank and appointed Shailendra Ajmera as the resolution professional.Patanjali, the lone player left in the bidding process, had in April increased its bid value by around Rs 140 crore to Rs 4,350 crore. The offer excludes capital infusion of Rs 1,700 crore.Ruchi Soya Industries owes over Rs 9,345 crore to financial creditors led by the State Bank, which has an exposure of Rs 1,800 crore, followed by Central Bank at Rs 816 crore, Punjab National Bank at Rs 743 crore and StanChart at Rs 608 crore.Ruchi Soya on Wednesday reported a consolidated net loss of Rs 88.04 crore for 2018-19.Its net loss had stood at Rs 5,754.6 crore in the financial year 2017-18, the company said in a regulatory filing.The company's total income rose to Rs 12,849.38 crore during 2018-19, compared with Rs 12,063.93 crore in the previous year. Expenses fell by over Rs 5,300 crore during the period under review.Ruchi Soya has many plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold and has one of the best functional and the largest infrastructure for soybean.Adani Wilmar, which sells edible oil under the Fortune brand, was the highest bidder last August after a long-drawn battle with Patanjali. Adani Wilmar had then said the process was getting delayed as Patanjali moved the Mumbai NCLT.Patanjali approached NCLT challenging the decision of Ruchi Soya's lenders to approve Adani Wilmar's bid. The deal would help Patanjali-the Haridwar-based firm, which is struggling to keep growth momentum that it had seen previously.Patanjali, which was clocking multi-fold growth in recent years, saw a marginal growth in FY18, hit by GST, finishing at around Rs 12,000 crore. In FY17, it had a turnover of Rs 10,561 crore, registering 111 percent growth.With PTI inputsOriginal Source: