Insta
Baba Ramdev’s Patanjali Is Making A Small Beginning In Solar Panel Manufacturing
Swarajya Staff
Dec 05, 2017, 10:33 AM | Updated 10:33 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Baba Ramdev’s Patanjali Ayurved, which recently announced its intention to borrow Rs 1,000 crore to finance its expansion plans, is set to enter the lucrative market of solar power equipment with a manufacturing unit in Uttar Pradesh’s Greater Noida.
According to Mint, the Yoga guru’s company had in 2016 acquired Advance Navigation and Solar Technologies, a manufacturer of navigation aid equipment, and plans to invest around Rs 100 crore to increase the facility’s manufacturing capacity of 120 megawatts.
The company’s plan to enter the solar equipment market comes at a time when it has grown at a stunning pace. Set up in 2006, it has increased its revenue more than five fold to Rs 10,561 crore this year from Rs 2,006 crore in 2014-15. It plans to cross Rs 20,000-25,000 crore in sales by 31 March 2018.
India plans to generate 40 gigawatts (GW) of solar power by 2022 to meet its clean energy targets and is among the largest markets for solar equipment. To give a boost to solar equipment manufacturers in India, the Narendra Modi government is considering a 30 per cent capital subsidy as part of a new solar manufacturing policy. Other schemes, and policy initiatives such as “rent a roof”, have also been introduced by the government.
The high demand in India has resulted in the import of relatively poor quality Chinese products into the country. Poor-quality solar modules imported from China, which have flooded the Indian market and have been rejected by developers, are being sold in the domestic market at a discount, a recent Mint report said. India is conducting an anti-dumping investigation on solar equipment from China, Taiwan and Malaysia.
According to Patanjali managing director Acharya Balkrishna, the company’s plan to manufacture solar equipment is it line with the ‘swadeshi movement’ promoted by Ramdev. “With solar, each household in India can have power supply, and we are here to make that happen,” Balkrishna told Mint.
Also Read: How Baba Ramdev’s Patanjali Cracked The FMCG Supply Chain To Dominate The Market
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.