Indian conglomerate Patanjali said on Friday it will list four group firms as part of its plans to take on global rivals such as Unilever and P&G with locally made goods.
Patanjali – co-founded in 2006 by Baba Ramdev, a famous yoga guru – said it would list its main consumer goods company, Patanjali Ayurved, which produces Indian remedies such as pills to boost immunity, cooking ingredients and personal care items.
Baba Ramdev is a household name whose TV yoga shows are watched by millions. His business partner is Acharya Balkrishna, who has a net worth of $2.1 billion, according to Forbes.
Ramdev has served as a marketing symbol for locally made produce, a movement which has won big support from Prime Minister Narendra Modi.
Ramdev said Patanjali aimed to boost group turnover to 1 trillion rupees ($12.5 billion) in the next five to seven years, from 400 billion rupees ($5 billion) now.
Taking on Foreign Competition
“We have resolved to ensure that the contribution of Patanjali is recorded in golden letters when the centenary year of independence is celebrated in 2047,” Ramdev told a news conference in New Delhi.
Only one group company, Patanjali Foods Ltd is listed currently. The group acquired edible oil company Ruchi Soya Industries in 2019 and renamed it Patanjali Foods this year.
Patanjali Foods, which plans to boost palm oil plantations, is targeting earnings before interest, taxes and amortisation of 50 billion rupees, the group said in a statement.
Patanjali said it will also list its medicine, wellness and lifestyle units.
- Reuters, with additional editing from Alfie Habershon