Baba Ramdev's Patanjali Ayurved to invest into solar power business
“Getting into solar is in line with the swadeshi movement. With solar, each household in India can have power supply, and we are here to make that happen,” Acharya Balkrishna, managing director of Patanjali Ayurved, said in an interview.
Baba Ramdev's Patanjali Ayurved Ltd is set to diversify into solar power equipment manufacturing, a Livemint report said.
“Getting into solar is in line with the swadeshi movement. With solar, each household in India can have power supply, and we are here to make that happen,” Acharya Balkrishna, managing director of Patanjali Ayurved, said in an interview to the Livemint.
After a success in consumer products, this is Patanjali's first exposure to the infrastructure sector.
According to Livemint, Patanjali plans to invest around Rs 100 crore in solar equipment manufacturing and its factory in greater Noida, which is expected to be fully operational within next couple of months.
With an estimated capacity of around 70GW per year for China's solar panel manufacturing industry, India and US are the major markets, the report said.
The report further said that the government is considering 30 percent subsidy as a part of a new solar manufacturing policy.
Earlier this year, Patanjali acquired Advance Navigation and Solar Technologies Pvt.Ltd, a manufacturing of navigation aid equipment.
Set up in 2006, Patanjali Ayurved has grown at a fast pace. Its revenue has increased more than five folds to Rs 10,561 crore from Rs 2006 crore in 2014-15. The company aims to cross Rs 20,000-25,000 crore in sales by March 31, 2018.
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