Indian consumer group Patanjali, co-founded by a well-known yoga guru, said on Friday it plans to list four group companies and increase group turnover to $12.5 billion in the next five to seven years.
The producer of affordable, domestic-made goods is taking on bigger rivals such as Unilever and Procter & Gamble with plans to list its main consumer goods company, and medicine, wellness and lifestyle units.
Set up in 2006, the firm’s brand ambassador is Baba Ramdev, a household name whose television shows on yoga are watched by millions, with his bearded face smiling down from billboards and hoardings ubiquitous in India’s villages.
Patanjali said it would list Patanjali Ayurved, most of which is owned by Ramdev’s business partner Acharya Balkrishna, who has a net worth of $2.1 billion, according to Forbes.
“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.
Ramdev, seen as a strong supporter of Indian Prime Minister Narendra Modi, said Patanjali aimed to boost group turnover to 1 trillion rupees ($12.53 billion) in the next five to seven years, from 400 billion rupees ($5 billion) now.
Patanjali Ayurved’s Indian-made products, such as pills to boost immunity, cooking ingredients and personal care items, ride big on Modi’s push for Indian-made goods.
The company has tried to grab market share in the natural segment from consumer giants Hindustan Unilever, Colgate Palmolive (India), and Procter & Gamble Hygiene and Health Care.
Only one group company, Patanjali Foods Ltd, is now listed. 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.
Reuters