Patanjali Ayurved, promoted by televangelist Ramdev, may announce an investment of Rs 1,600 crore shortly for setting up a herbal food park in Noida in election-bound Uttar Pradesh to meet its domestic as well as global demand.
“It is almost finalised now. You may see an announcement by Patanjali Ayurved for an investment of around Rs 1,600 crore in Noida to set up a food processing plant around Diwali,” a senior UP government official privy to the development said.
“As far as investments in the state are concerned, the UP government is fair and transparent in promoting industrialisation, which will create jobs.” There was speculation that Patanjali will announce its investment in UP after the Assembly polls in March next year.
However, company officials have also confirmed the development, saying the procedure for identification of the land is at an advanced stage and the unit could be near the Yamuna Expressway.
A Patanjali Ayurved official said: “It would be an international food park, which would be for exports and domestic markets as well.”
He further said Patanjali Chief Executive Officer Balkrishna has held meetings with the CEO of Yamuna Expressway Industrial Development Authority in this regard.
“The state bureaucracy is also involved in this project under the instructions of the chief minister of UP. It would be a major investment boost for UP and generate employment,” he added.
Asked how soon Patanjali could start manufacturing at the proposed plant, the official said: “We would make the unit operational within 12-18 months of allotment of land.” He added: “The food park will manufacture all major products. As it is located in the National Capital Region, which has proximity to the airport and dry ports, it will act as a hub.”
When the plant runs to its full capacity, it would produce goods worth Rs 25,000 crore annually, the official claimed, adding that around 10,000 direct jobs could be provided, benefiting 50,000 families.
Patanjali is also in the process of setting up units in Madhya Pradesh, Assam, Maharashtra and Jammu & Kashmir, besides another plant in the drought-hit area of Bundelkhand region of UP.
“For the Bundelkhand regional plant, we are discussing for the special package and incentives with the state government. We are working on that,” the company official said.