Yoga guru and founder of the Patanjali Group of Institutions, Baba Ramdev is set to expand his private security business after launching his security firm Parakram Suraksha Private Ltd on Tuesday.
Yoga guru and founder of the Patanjali Group of Institutions, Baba Ramdev is set to expand his private security business after launching his security firm Parakram Suraksha Private Ltd on Tuesday. Patanjali sources told Hindustan Times that the global icon of yoga is looking beyond his FMCG and Ayurveda empire. Ramdev said in a statement, “our aim is to prepare individuals for self and country’s security and for this we have formed Parakram (security agency).” Ramdev has hired retired army and police officials to train young recruits and plans to make a mark with this venture by the end of this year itself. Young people were seen training at the Patanjali complex in Haridwar to work as private security guards, HT reported. Ramdev’s ayurveda and FMCG business were worth Rs 1,100 crore in 2016, according to PTI. The same year, Acharya Balkrishna, CEO of Ramdev’s Patanjali, was hailed the 25th richest person in India with Rs 25,600 crore of wealth. Baba Ramdev’s FMCG venture, Patanjali has increasingly expanded its market presence by positioning its products with a blend of Ayurveda and is often seen as a threat to MNC and domestic FMCG giants.
Not only this, the company recorded a double turnover to Rs 10,000 crore in the last financial year. The private security business is taking off with a growth rate of 40 per cent, according to a study by the Federation of Indian Chambers of Commerce and Industry (FICCI). About 5 million guards work at shopping malls, security corporate offices and guarding individuals. Ramdev wants to plug into this booming sector now in his latest expansion drive. He has also announced to expand to higher education and dairy businesses too.
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Recently Nepal’s Department of Drug Administration had asked Patanjali Ayurveda to recall six Ayurvedic medicines because they were found to be of ‘substandard quality’, PTI reported. In another instance, army canteens stopped the sale of the company’s amla juice after it was found unfit for consumption. However, this has not deterred the 51-year old from expanding his business.