By
Patanjali to foray into solar equipment biz; Tata Housing raises $23 mn from Hines
Photo Credit: Shah Junaid/VCCircle

Baba Ramdev-backed fast-moving consumer goods company Patanjali Ayurved Ltd is looking to venture into solar equipment manufacturing, Mint reported citing a top company official.

"Getting into solar is in line with the Swadeshi movement. With solar, each household in India can have power supply," Acharya Balkrishna, managing director of Patanjali Ayurved, told the financial daily.

Patanjali is looking to invest around Rs 100 crore in solar equipment manufacturing.

Earlier this year, it acquired Greater Noida-based Advance Navigation and Solar Technologies Pvt. Ltd, a manufacturer of navigation aid equipment. The facility currently has a manufacturing capacity of 120 megawatts, the report added.

Patanjali Ayurved reported a revenue of Rs 9,346 crore from its FMCG business in the year through March 2017. Total group revenue, including sales from Ayurveda medicine division Divya Pharmacy, touched Rs 10,561 crore.

In another development, realty firm Tata Housing said it has raised $23 million (Rs 148 crore) from global real estate investment firm Hines for its wellness homes project in Thane.

The residential project, Serein, is spread across 7.3 acres and will have four 33-storey towers.

"Our partnership with Hines is in line with our long-term growth strategy of expanding our premium and luxury portfolio with iconic projects at marquee locations across the country," Brotin Banerjee, managing director of Tata Housing, said in a release.

"This investment is in line with our thesis of providing equity capital to Tier-I developers on residential projects, catering to the needs of the upper-middle and luxury segments," said Amit Diwan, senior director of investments for Hines India.

Indiabulls Pharmaceuticals Ltd has raised Rs 155 crore ($24 million) in funding from Singapore-based investment firm Clermont Group, multiple media reports said.

The youngest company in the Indiabulls group, it was incorporated in July 2016 and launched operations in May 2017.

"We began sales in May and in six months we have done a turnover of around Rs 70 crore. We have products across therapies and our focus is on the domestic market. We will use the fresh capital to grow our business," Nikhil Chari, chief executive officer of Indiabulls Pharmaceuticals, told Business Standard.

Leave Your Comment(s)