Various electric vehicles (EVs), steel and mobile chip manufacturers have sought Baba Ramdev's Patanjali Ayurved's support regarding buyout, joint venture (JV) partnerships and financial aid
Various electric vehicles (EVs), steel and mobile chip manufacturers have sought support from Baba Ramdev's Patanjali Ayurved on buyouts, joint venture (JV) partnerships, and financial aid.
Patanjali, however, is yet to decide on possible diversifications, managing director Acharya Balkrishna said in an interview to Mint.
“Manufacturers from almost all sectors, including steel, electric vehicle, anti-radiation mobile chip, have approached us. But we can’t do everything. We’ll only do what is in sync with our business, and anything that the people of the country need,” Balkrishna said.
The move comes days after the Haridwar-based firm, known for its swadeshi fast moving consumer goods (FMCG) products, announced to invest around Rs 100 crore into solar power equipment manufacturing in its Greater Noida facility.
Patanjali may help these sectors, reeling under defaults, with possible investments and partnerships. India's steel sector accounts for 44.25 percent or Rs 57,001 crore of Rs 1.29 lakh crore default under the Insolvency and Bankruptcy Code (IBC), according to the Economic Survey.
"If we say we are entering an industry, others get scared. At times, people spread words (that we are entering a sector) as well," Balkrishna said.
Patanjali Ayurved is also in the race for acquiring edible oil maker Ruchi Soya Industries, which has filed for bankruptcy. Ruchi Soya, which has a debt of approximately Rs 12,000 crore, is on RBI's second defaulters' list to be sent to NCLT
Patanjali is said to have revised its offer to Rs 5,800 crore from Rs 4,000 crore. The offer could involve cash payment of Rs 4,100 crore and capital infusion of Rs 1,700 crore. Adani Wilmar is likely to have offered Rs 3,285 crore.
Bids from Godrej Agrovet and Emami Agrotech are not being considered by the Committee of Creditors (CoC).textile business last year. Ramdev had claimed they will be producing footwear and bags, which will come under the textile retail brand.