Homegrown consumer goods maker Patanjali Ayurved plans to go global soon, said co-founder Baba Ramdev on Wednesday at an event in Mumbai.
Patanjali’s global leap: Homegrown consumer goods maker Patanjali Ayurved plans to go global soon, said co-founder Baba Ramdev on Wednesday at an event in Mumbai. The FMCG major has already taken a global leap and it would enter global markets after March next year, he said. The Chinese government has offered the firm 10,000-acre land along with monetary support to begin operations, he informed.
The global FMCGs have not been able to make a mark in terms of manufacturing natural products, he also expressed. Since India is home to over 4 lakh herbs, and research on 60,000 has been done by us, Patanjali can do very well globally, the yoga-guru also said.
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Patanjali has already given yoga to 5 lakh people and will give employment to over 5 lakh people more, he added.
Meanwhile, in a major setback to Patanjali Ayurved, the Delhi High Court Tuesday dismissed the homegrown FMCG major’s plea and warned it to cooperate with the income tax department in the special audit for the assessment year 2010-2011. Patanjali Ayurved had challenged the special audit, saying that the auditing officer (AO) was trying to take scrutiny through special auditor as an easy way to escape his primary duty to examine the books and returns and complete the assessment in time.
While ruling in favour of the income tax department, a bench comprising justice S Ravindra Bhat and justice Prateek Jalan said: “The assessee (Patanjali) is directed to co-operate with the special auditor. The period during which the interim order operated shall be excluded for the purpose of calculation of the period for completion of such special audit. The writ petition is dismissed…”