Baba Ramdev intensifies battle against foreign firms, plans to raise Rs 1000 crore for Patanjali Ayurved

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In his campaign to give foreign firms a run for their money, Baba Ramdev has decided to take the battle one notch higher. Ramdev's Patanjali Ayurved reportedly has hired two investment banks in order to raise structured credit worth Rs 1,000 crore.

According to a report in Livemint, one of the two investment banks is a Hyderabad-based boutique firm specializing in the consumer packaged goods segment, adding that the banks have been asked to approach both foreign and domestic funds.

"The discussions assume significance since this is for the first time since its founding in 2007 that Patanjali is exploring an equity-linked fund-raise option," the report cited sources as saying.

The group has so far rejected offers, including from private equity funds, to sell equity stakes, stated the newspaper report.

"Discussions are at an exploratory stage presently, but the company wants to tie up the funding in the next few months," the source said.

"Among those who have been approached is a large global fund with private equity and structured credit operations in India."

Meanwhile, there were reports that Baba Ramdev is lobbying to bag Rs 700 crore mid-day meal contract for Patanjali Ayurved Ltd.

Ramdev and his men are reaching out to influential people in the national capital to get the contract which is currently being managed by 10 entities, reported Firstpost quoting sources.

The contract involves offering Panjiri (a mixture of sugar, ghee and wheat), fruits and milk to at little over 10 crore students in Uttar Pradesh, a report said.
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