4 Patanjali IPOs in next 5 years, says Baba Ramdev
India's most famous yoga guru, Baba Ramdev, is all set to float four initial public offerings (IPO) in the market. In a press conference on Friday, Ramdev announced that Patanjali Group will float four IPOs in the next five years. Patanjali's turnover is also expected to reach Rs 1 lakh crore over the next five years, Ramdev said. Here's more.
Why does this story matter?
While Baba Ramdev is a controversial figure himself, Patanjali has also received criticism over the questionable authenticity of its products. At the peak of COVID-19 pandemic, Patanjali's lofty 'Coronil Kit' promised to cure the virus but failed to provide any proof. In August, Patanjali's 'Cow Ghee' was found to be adulterated and failed to meet food safety standards in both central and state laboratories.
Which companies will be listed for public offering?
The spiritual guru on Friday announced that his food-to-wellness group will float the IPOs of Patanjali Ayurved, Patanjali Medicine, Patanjali Wellness, and Patanjali Lifestyle. The company's turnover will reach Rs. 1 lakh crore in the next five years, he added. Patanjali Foods Ltd, originally bought as Ruchi Soya Industries in 2019 and renamed this year, is Patanjali's only company listed on the stock exchange.
Vicious campaigns against Patanjali: Ramdev
According to Hindustan Times, Ramdev alleged that there is a conspiracy to discredit Patanjali Ayurved. He reportedly said that a vicious campaign is often run against the company, full of falsehoods. "But people are not ready to believe that Patanjali can do anything wrong," he said. Ramdev's Patanjali Group is aiming for a combined market value of $62.7 billion, Bloomberg said.
What else did Ramdev say?
The Patanjali Group aims to launch 1 lakh Patanjali Wellness centers in the next 10 years and aims to replace allopathy with traditional Indian medical treatments, he said, according to Livemint. The yoga guru also hinted that Patanjali Ayurved may be the first company to go for an IPO as it is "established" and "ideal." The group's current turnover is Rs. 40,000 crore.
