Patanjali to enter Electric Vehicle market

Patanjali

Many electric vehicles (EVs), steel and mobile chip manufacturers approached Patanjali Ayurved Ltd for support.  Patanjali Ayurved Ltd, the packaged goods company founded by yoga-guru-turned-businessman Baba Ramdev. The offers range from joint venture (JV) partnerships to buyouts. The name of the companies have not been revealed yet.

balkrishna

The managing director of Patanjali Ayurved Ltd, Acharya Balkrishna said:

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 whatever is in sync with our business, and anything that the people of the country need.  The Haridwar-based firm will continue to strengthen its ‘swadeshi’ movement and support companies with similar agenda.

Patanjali has already entered into solar power equipment manufacturing by acquiring Advance Navigation and Solar Technologies Pvt. Ltd. With the government efforts to push to cut the country’s oil imports, promotion of Electric vehicle is a strategic step by India’s National Democratic Alliance (NDA) government.

Things are not going well for the Patanjali group as the revenue for this fiscal year was same as last year at Rs. 10,561 crores in 2017. The company had a target of doubling sales that were not possible due to the effects of demonetization and implementation of goods and services tax (GST).

The capabilities of B2B and B2C business dynamics also vary in performance.  Patanjali is looking at becoming a classical multi-industry business house set up, like Reliance Industries or Aditya Birla Group. The company will plan to use its strong brand value to enter various unrelated industries.

At present, Patanjali has a presence in retail, education, and healthcare (Ayurveda). The company sells everything from shampoo and toothpaste to biscuits, noodles, rice, and wheat.

Patanjali has already saved some homegrown companies before. It invested Rs. 70 crore in RH Agro Overseas, which is rice mill in Sonipat.

Source: Live Mint

A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

About Energy Log Staff

A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

View all posts by Energy Log Staff →

Leave a Reply

Your email address will not be published. Required fields are marked *