Louis Vuitton eyes investing over Rs 3,000 cr in Patanjali

Patanjali spokesperson SK Gupta Tijarawala conveyed the information on Twitter.

Louis Vuitton eyes investing over Rs 3,000 cr in Patanjali

New Delhi: French luxury group LVMH Moet Hennessy - Louis Vuitton, also known as Louis Vuitton or LVMH, is willing to invest a mammoth 500 million USD (Rs 3250 crore) in Patanjali Ayurveda.

Patanjali spokesperson SK Gupta Tijarawala conveyed the information on Twitter on Thursday, and added, "Acharya Balkrishna (MD of Patanjali) has said that just as we use foreign technology for our development, we do not hesitate to use foreign funds for the benefit of our country, but we will take it on our own terms.will not give share/stake."

In the news clipping attached in the tweet, Balakrishna is quoted as saying that the company needs Rs 5000 crore to set up plants in Nagpur, Greater Noida, Assam, Chhattisgarh, Andhra Pradesh, Telangana, Haryana and Rajasthan and for the cultivation of aromatic and herbal plants on 10,100 acres.

Riding high on the popularity of 'Made in India' products, Yoga guru Ramdev had earlier said that by 2018-19, Patanjali, will overtake Unilever and others and by 2020-21 Patanjali would become the world`s largest his fast-moving consumer goods (FMCG) brand.

The yoga guru, who along with his associate Acharya Balkrishna, has created the massive FMCG group Patanjali within a short span of time, outlined his future plans, while indicating that his group would soon start selling jeans, trousers, kurtas, shirts, suitings, sportswear and yoga wear.

A couple of months ago, it was reported in media that Patanjali is eying to raise Rs 1,000 crore equity linked funds for which the company had hired two investment banks.

Patanjali has so far rejected offers, including from private equity funds, to sell equity stakes.

With ANI Inputs

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