Ramdev may lose Nagpur land as food processing venture folds up

Ramdev may lose Nagpur land as food processing venture folds up

By / Business News / Wednesday, 12 June 2019 07:24

Baba Ramdev's Patanjali Ayurved Ltd is likely to lose the nearly 300 acres of land it has been allotted at the Multi-Model International Passenger and Cargo Hub Airport at Nagpur complex for a food processing venture.

Work on the project, which was announced with great fanfare a few years ago, has come to a halt amidst reports that contractors engaged by the company have not been paid for the work carried out.

"In the past three years only some sheds have been put up and there is no sign of the food processing venture, which was to manufacture juice from Nagpur's oranges," a state government official said.

At the time of land allotment in September 2016, Baba Ramdev had told reporters in Nagpur that the project would be up and running in six months' time.

According to sources, efforts to nudge Patanjali to speed up construction of the food processing unit did not yield results."The company cited financial crunch and was planning to obtain some loans from public sector banks to begin construction," the official said.

However, with surging non-performing assets nationalised banks were wary of lending to Patanjali which planned to use land allotted by the Maharashtra government as collateral for the loans, according to sources.









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Hum Hindustani

Hum Hindustani

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