New Delhi : Baba Ramdev-led Patanjali Ayurved, known for its swadeshi fast moving consumer goods (FMCG) products, is now venturing into solar equipment manufacturing, a top company official told PTI.
The Haridwar-based firm is investing around Rs 100 crore in its Greater Noida facility, near here, for this and the plant would be inaugurated next month. “We would start manufacturing solar panels. The factory is located near the Greater Noida industrial area and would be inaugurated in January 2018,” Patanjali Ayurved’s MD & CEO Acharya Balakrishna told the news agency.
“We have invested around Rs 50-60 crore so far and the total investment would be over Rs 100 crore,” he said further. The company acquired a firm named Advance Navigation and Solar Technologies earlier this year. “We would manufacture solar panels here (at the Noida plant). We have also plans to manufacture chips and photovoltaic sells etc for it,” Balakrishna added. Initially, the company would source the components from other domestic producers but later would manufacturer itself.
Patanjali said it has purchased the required machinery for its solar plant from suppliers based in Germany and China.
When asked as to what prompted the firm to venture into the solar sector, Balakrishna said the company was purchasing solar panels and street lights for its facility, then came to know that all solar related works were imported from countries like China.
“Then we planned that at least for own requirements, we should manufacture ourself. We had done some workout and found that it was doable,” he said. Initially, the company would consume all the solar panels internally by installing them on the rooftops of its manufacturing units and at its other offices and centres. “Right now we are installing solar panels on the rooftops of our factories such as the firm’s Tezpur plant in Assam,” he said. On commercial production, the CEO said that, “if people come to purchase from us then we would sell.”
However, when asked that whether Patanjali would venture into setting up major solar farms that supply solar power to the grid, Balakrishna said, “Let it start first.”
Besides the FMCG segment, Patanjali Ayurved is present in other sectors like education and healthcare. In the previous fiscal, the firm had crossed a turnover of Rs 10,500 crore and aims for a two-fold growth in the ongoing fiscal. Patanjali Ayurved, founded in 2006, manufactures herbal products and other mineral-based products that are sold at franchises and at supermarkets across the country.