Western MNCs' nightmare: Patanjali sure of doubling revenue to `10K cr in FY 17
The expansion plans of Patanjali Ayurved, which has become a household name in India due to its brand ambassador Baba Ramdev, are giving sleepless nights to top multinational companies having a strong presence in the country. After crossing Rs 5,000 crore revenue marks in the financial year 2015-16, the indigenous company is set to achieve its target of Rs 10,000 crore revenues in the just concluded the financial year 2016-17.
According to Patanjali Ayurved's chief operating officer Acharya Balkrishna, the company will set up four manufacturing plants in as many cities in India this financial year and the company would soon present its annual report on the numbers achieved in the year gone by.
"These plants will come up at Nagpur in Maharashtra, Noida in Uttar Pradesh, Indore in Madhya Pradesh and Andhra Pradesh," Balkrishna told reporters at a conference on food processing organised by Federation of Indian Chambers of Commerce and Industry (FCCI) in Gurugram on Thursday.
As Nagpur is known for oranges, the upcoming unit of Patanjali in the city would be used to make orange and other juices. The Patanjali CEO further said that the company was working on a major research unit in herbal medicines and their cultivation.
"The company was working on plans to ensure supplies of raw materials -- a plan on the rearing of cows to ensure milk availability for making ghee -- being one of them," Balkrishna said, adding that the company had set itself a target of doubling its revenues to Rs 10,000 crore for 2016-17.
Commenting on FDI, Balakrishna said, "The mandate of the company is not to oppose the FDI, but I must say that foreign companies should not spoil the Indian food culture. It's also a fact that manufacturers of the country have a better understanding of our domestic market."