Yoga guru Baba Ramdev-led swadeshi FMCG major Patanjali Ayurved has announced that it is foraying into solar equipment manufacturing. It will invest around Rs 100 crore in setting up a plant at Greater Noida, to be inaugurated in January 2018.
“We would start manufacturing solar panels. The factory is near Greater Noida industrial area and would be inaugurated in January. We have invested around Rs 50-60 crore so far and the total investment would be over Rs 100 crore,” the company’s MD and CEO Acharya Balakrishna told news agency PTI.
In the early stage, the Haridwar-based firm will source components from domestic manufacturers but later would roll these out from its unit. The firm, according to Balakrishna, plans to manufacture chips and photovoltaic cells (PV), among others.
The company, he said, was prompted to enter the segment as it was purchasing solar panels and streetlights for its facility, which were being imported from countries such as China. “Then we planned that at least for own requirements, we should manufacture ourselves. We had done some workout and found that it was doable.”
Balakrishna informed that the company’s foray into the solar space is driven by the objective of internal consumption. “Right now we are putting solar on the rooftops of our all factories such as Tezpur plant (Assam),” adding that the firm would sell its solar products if found feasible. When asked that if the firm plans to set up major solar farms to commercially produce solar energy and supply to the grid, Balakrishna said, “Let it start first.”