Baba Ramdev led Patanjali makes this big move, sets aside Rs 100 cr for new venture

Published On: 05, Dec 2017 | Source:

In line with the firm’s ‘Swadeshi’ focus, Patanjali Ayurved, Yoga guru Baba Ramdev’s consumer goods products company has announced a foray into manufacturing solar power equipment with an investment of a whopping sum of Rs 100 crore. “Getting into solar is in line with the swadeshi movement. With solar, each household in India can have a power supply, and we are here to make that happen,” Acharya Balkrishna, managing director of Patanjali Ayurved, said in an interview to Hindustan Times. This will be the company’s first venture in the infrastructure sector after it’s runaway success in the FMCG market. “The government has been working on the solar industry, and even offering sops. We will manufacture solar panels in India without compromising the quality. But we are not going to get into a price war with the Chinese solar panels,” Balkrishna added.

As per the report, Patanjali had already acquired Advance Navigation and Solar Technologies Private Limited, a manufacturer of navigation aid equipment, earlier this year. Currently, the facility has a manufacturing capacity of 120 megawatts. Patanjali plans to invest around Rs 100 crore in solar equipment manufacturing and its factory in Greater Noida is expected to be fully operational within the next couple of months. “This started with our plan to use solar as a source of power in all our factories. That time we understood (that) most of the solar modules come from China. And there was no quality consistency even in India-made ones,” Balkrishna said as per the report.

Shedding light on the current status of Patanjali’s solar project, Balkrishna said, “We started with making solar modules for our captive use initially and then decided to utilize existing capacity to manufacture solar modules and sell in the market. This unit is at a nascent stage at the moment.” He added that the company would look at expansion once the demand grows.

It must be noted that the incumbent government is giving a push to the clean energy and aims to achieve 175 GW of renewable energy by 2020 and 100 GW of solar energy by 2022. “For achieving 100 GW solar power target by 2022, the ministry, along with the states, will lay out bids for ground-mounted solar parks for 20GW in 2017-18, out of which 3.6 GW have already been bid out, 3GW will be bid out in December 2017, 3 GW will be bid out in January 2018, 5 GW in February 2018 and 6 GW in March 2018. Thirty gigawatts will be bid out in 2018-19 and 30 GW in 2019-20,” the government recently said in a statement.