Yoga guru Baba Ramdev on Friday said that four more Patanjali companies will launch their initial public offering (IPO) over the next five years.
The four companies that will list on the bourses include - Patanjali Ayurved, Patanjali Medicine, Patanjali Wellness and Patanjali Lifestyle.
While addressing the press conference, Ramdev said the Patanjali group turnover is worth ₹40,000 crore currently. "We are eyeing $1 lakh crore turnover in five to seven years," Ramdev said.
The Patanjali group has already started working towards listing four more companies, Ramdev added.
Ramdev further said the Patanjali group plans to establish 1 lakh Patanjali Wellness Centres across the globe.
Promising to make India self-sufficient in edible oils, Ramdev said the company is planning palm plantations on land parcels of over 15 lakh acres. The company currently has a palm plantation on a 1.5 lakh acre land.
Market valuation of Patanjali Group will be over ₹5 lakh crore in the coming five years, Ramdev claimed.
The yoga guru also accused the Food Safety and Standards Authority of India (FSSAI) for poor testing parameters, saying government labs are not well equipped to check food quality.
These comments come months after Patanjali Foods, formerly Ruchi Soya, raised ₹4,300 crore from its follow-on public offering (FPO). A follow-on offer is when a firm issues additional shares after an initial public offering. Patanjali had completed the acquisition of Ruchi Soya in a ₹4,350-crore deal in December 2019.
The funds raised via FPO were used for the repayment of debt, making the edible oil producer debt-free.
Ruchi Soya had announced its plan to rename itself Patanjali Foods in April 2022 to enhance synergies between the two companies. Ruchi Soya, earlier this year, acquired Patanjali's food businesses, including manufacturing, packaging, labelling and retail trading of certain food products, along with manufacturing plants located at Padartha, Haridwar, and Newasa, Maharashtra.
Patanjali's food business comprises 21 major products, including ghee, honey, spices, juices and atta. The transaction included the transfer of employees, assets (excluding Patanjali's brand, trademarks, designs and copyrights), and current assets (excluding debtors, vehicles, cash and bank balance), contracts, licences and permits, distribution network, and customers.