NEW DELHI: Why is yoga guru Baba Ramdev-promoted Patanjali Ayurved wants so desperate to buy edible oil maker Ruchi Soya Industries? Adani Wilmar had beaten Patanjali in the bidding battle for the debt-laden Ruchi Soya, but it seems Patanjali is not out of the game.Adani Wilmar is withdrawing its offer to buy the stressed edible oil maker, citing delays in closing the resolution process, according to an ET report. Patanjali, the second-highest bidder, has now written to resolution professional Shailendra Ajmera from EY and the lenders to Ruchi Soya that it is still interested in the asset and is willing to match Adani’s offer if allowed.Earlier, Patanjali had moved the bankruptcy court against the lenders’ decision in favour of Adani Wilmar which offered Rs 5,474 crore, of which Rs 4,300 crore would be paid to banks. Patanjali had offered Rs 5,765 crore, of which Rs 4,065 crore were for payment to lenders. Even as the overall payment by Patanjali Ayurved was higher, Adani was deemed the higher one since, as per the evaluation matrix, the settlement of loans has a higher weightage than infusion of funds to run a company.Why is Patanjali so keen to bag Ruchi Soya?Patanjali's ambitious evangelist co-founder Ramdev has set a target to dominate the Indian FMCG market. In April last year, Ramdev said Patanjali's target was Rs 20,000 crore to Rs 25,000 crore turnover in the next three to five years. However, the company closed the last financial year at around the same level as the previous fiscal year’s revenue, Rs 10,000 crore. Now Ramdev's target appears an uphill task given the various challenges Patanjali is battling.According to a Credit Suisse report, consumer offtake has declined in many product categories. General trade distribution remains a challenge for the company. Excessive extension has led to dilution of ayurvedic credentials. Patanjali has seen strong competitive response from large companies with their own Ayurvedic offerings. ET Prime had revealed in May this year that Ramdev's Rs 20,000 crore dream was corroding the very soul of its business — its distribution network.In such circumstances, Ruchi Soya could prove to be a big leg-up for Patanjali. With 3.72 million MT, Ruchi Soya has the largest oil seed extraction capacity in India. It has around 24 plants of crushing, milling, refining and packaging edible oils. It owns popular brands like Nutella, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star. It is one of the largest exporters of value-added soy products. The company had a debt load of nearly Rs 12,000 crore as of December 31, 2017. It has over Rs 4,000 crore of bad debts written off and a net worth deficit of Rs 498 crore.Ruchi Soya is a vital component in Patanjali's ambitious growth project. Patanjali had signed a deal for refining, processing and packaging edible oil with Ruchi Soya in March last year. A few months later, Patanjali signed another deal with Ruchi Soya for an exclusive sales and distribution arrangement for the entire range of Patanjali edible oils in large packs.Packaged edible oils segment, in which Adani holds 19% market share while Ruchi Soya has close to 14%, is expected to see huge growth. Vegetable oil consumption in India is increasing, driven by economic growth and rising disposable income. According to a report by Rabo Bank, India's vegetable oil consumption is expected to grow by 3% annually to exceed 34 million tonnes by 2030. "Increasing income, urbanisation, changing food habits and deeper penetration of processed foods will be key drivers of future consumption growth of edible oil in the country," said the Rabo Research report titled 'The Future of India's Edible Oil Industry: How Will India's Vegetable Oil Demand Shape Up by 2030'.