UP govt clears Patanjali Ayurved’s Rs2,000 crore investment
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New Delhi: The Uttar Pradesh government has approved yoga guru Ramdev-promoted Patanjali Ayurved Ltd’s (PAL) Rs2,000 crore food park in Greater Noida and around 450 acres of land on the Yamuna Expressway will be allocated for the unit.
“Earlier this week, the Uttar Pradesh cabinet has approved PAL’s Rs2,000-crore project in the state, which includes an agro-processing plant entailing an investment of Rs1,500 crore in Greater Noida,” a source privy to development said. “Around 450 acres of land have been identified, which will be allocated to the Greater Noida plant. The land will be bought by PAL.”
The state cabinet approval comes amid speculation that Patanjali will announce its investment in Uttar Pradesh after assembly polls in March next year. However, the Uttar Pradesh government has been proactive in facilitating this investment on its terms only to encourage investors and create jobs.
Earlier, the company officials had confirmed the development, saying the procedure for identification of the land is at an advanced stage and the unit can be near the Yamuna Expressway. The Greater Noida plant will be an international food park that will cater to overseas and domestic markets as well.
Patanjali CEO Acharya Balkrishna has held a series of meetings with CEO of the Yamuna Expressway Industrial Development Authority (YEIDA) in this regard. After the land allotment, the unit can be made operational in 12-18 months.
The food park in Greater Noida is slated to manufacture all major products. It is expected to act as a hub given its location in the NCR region, which has proximity to the airport and dry ports.
The plant, at full capacity, will produce goods worth Rs25,000 crore annually. It is expected to generate around 10,000 direct jobs that can benefit nearly 50,000 families. Patanjali is also in the process of setting up units in Madhya Pradesh, Assam, Maharashtra and Jammu and Kashmir.