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Report claims Ramdev invested in Nepal without govt approval

Press Trust of India  |  Kathmandu 

Yoga guru Ramdev has landed in a controversy in after a media report claimed that Patanjali Ayurved group invested more than Rs 150 crore in the country without official approval. The Foreign Investment and Technology Transfer Act requires any foreign investor to get permission from the Investment Board or the Department of Industries before investing in The report in Nepal's largest selling newspaper Kantipur Daily said Ramdev failed to seek such mandatory permissions. Meanwhile, Ramdev has denied the allegations in a statement released yesterday, saying his company has not flouted any local while conducting activities in The statement, signed by Ramdev, said the proposed investment from Patanjali Ayurved Limited will flow into only after completing all due legal process. According to Ramdev, Patanjali Yogapeeth of has not attracted any sort of investment from "Entire investment in Patanjali Yogapeeth in has come from Upendra Mahato, a Nepalese businessman and his wife Samata. When we invest in the company in future which we plan to do, we will follow the prevalent laws of and take approval from the concerned government authorities," reads the statement. He said that proceeds from that company will not be distributed to the investor but "will be spent on philanthropic activities," according to the statement. "I have devoted my entire life fighting corruption, black money and financial misappropriation, and I am committed to financial transparency.

So, there is no possibility that I would be involved in any kind of illegal investment in Nepal," Ramdev said. Speaking at a press meet on November 23, Ramdev had announced that he has invested Rs 150 crores in Ayurvedic factory in and is planning to further invest Rs 500 crore in the future. He had also announced to invest billions of rupees in to create 20,000 jobs in the country as by launching a new venture to produce organic medicine and other items. President Bidya Devi Bhandari on November 24 inaugurated Ramdev's Patanjali factory in southern Nepal's Bara district which will produce organic medicine and other items. Minister for Agriculture Gaurishankar Chaudhary was also present on the occasion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 29 2016. 14:22 IST