In a major expansion plan, Yoga guru Baba Ramdev-led Patanjali Ayurved is soon going to raise Rs 1,000 crore in project loans.
The Indian FMCG company is currently in talks with State Bank of India, Bank of Baroda, Uco Bank to get the fund that will be used to set up plants across the country. According to Acharya Balakrishna, managing director of the company, the long term project loans with 5 to 10 years maturity will be enough for the project, reports The Economic Times.
“Project financing will increase as we expand our presence nation-wide, extending product lines. We require this as we are now setting up more plants across the country,” Balakrishna said.
Earlier, Public sector banks Punjab National Bank and SBI have provided short-term project loans. Till now, the company had been dependent on short term loans to meet the capital requirements.
Patanjali Yogpeeth at Haridwar, Uttarakhand runs a Rs 5000 crore business which helps the farmers directly.
Recently, government of Maharashtra held talks with yoga guru Baba Ramdev for providing him land to set up a food park of Patanjali Yogpeeth at Mihan in Nagpur.
(With inputs from PTI)