Is Baba Ramdev getting into IT business?

Patanjali Ayurved has shown interest in acquiring the financially troubled technology firm Rolta India. Led by Baba Ramdev, Patanjali Ayurved has made a cash offer of ?830 crore, just weeks after Pune-based Ashdan Properties was declared the highest bidder for Rolta, according to a report by the Economic Times.

Patanjali Ayurved has approached the National Company Law Tribunal (NCLT) to consider its offer. A panel will decide whether to include Patanjali in the bidding process.

Rolta, promoted by Kamal Singh, is a software company focused on defense. The firm entered the bankruptcy process in January 2023, owing ?7,100 crore to Union Bank of India (UBI) and an additional ?6,699 crore to unsecured foreign bondholders led by Citigroup.

Rolta first defaulted on foreign currency loans in 2016. After avoiding bankruptcy three times, it was finally taken to the NCLT after Union Bank filed a petition. The company provides services in defense and homeland security, power, financial services, manufacturing, retail, and healthcare. In the financial year 2022, the company reported a loss of ?1,000 crore, while its revenue was only ?38 crore. #tech #informationTechnologyServices #patanjali