Patanjali Ayurved Ltd, promoted by yoga guru Baba Ramdev, is set to announce an investment of Rs1,600 crore shortly for setting up a herbal food park in Noida in poll-bound Uttar Pradesh to meet its domestic as well as global demand.
''It is almost finalised now. You may see an announcement by Patanjali Ayurved for an investment of around Rs1,600 crore in Noida for setting up a food processing plant around Diwali,'' a senior UP government official privy to the development told PTI.
''As far as investments in the state are concerned, the Uttar Pradesh government is fair and transparent for promoting industrialisation which will create jobs.''
There was speculation that Patanjali will announce its investment in Uttar Pradesh after the assembly polls in March next year. However, the company officials have also confirmed the development, saying the procedure for identification of the land is at an advanced stage and the unit can be near Yamuna expressway.
A Patanjali Ayurved official said, ''It would be an international food park, which would be for exports and the domestic markets as well.'' He further said Patanjali chief executive Acharya Balkrishna has held meetings with the chief executive of Yamuna Expressway Industrial Development Authority (YEIDA) in this regard.
''The state bureaucracy is also involved in this project under the instructions of the chief minister of UP. It would be a major investment boost for UP and employment generation,'' he added.
Asked how soon Patanjali could start manufacturing at the proposed plant, the official said, ''We would make the unit operational within 12-18 months of allotment of land.''
He added: ''The food park will manufacture all major products. As it is located in the NCR region, which has proximity to the airport and dry ports, it will act as a hub.''
When the plant runs to full capacity, it would produce goods worth Rs25,000 crore annually, the official claimed, adding that around 10,000 direct jobs could be provided benefiting 50,000 families.
Patanjali is also in the process of setting units in Madhya Pradesh, Assam, Maharashtra and Jammu and Kashmir, besides another plant in the drought-hit area of Bundelkhand region of UP.
''For Bundelkhand regional plant, we are discussing for the special package and incentive with the state government. We are working on that,'' the company official said.