New Delhi: Home-grown FMCG major Patanjali Ayurved is looking to double its share in the country's food processing market to 20 per cent in the current fiscal.
The yoga guru Ramdev-led firm, which has plans to invest Rs 5,000 crore on expansion of its various verticals, would be putting aside a substantial portion of funds towards opening of new units and ramping up capacity of the existing units.
"The food processing industry is worth around Rs 85,000 crore and Patanjali has a share of around 10 per cent. We would like to double our contribution to 20 per cent this fiscal," Patanjali Ayurved Managing Director Acharaya Balkrishna told PTI.
He further said: "In the coming years, we would try to maximum Patanjali's contribution in the food processing industry."
According to Balkrishna, the food processing industry would not only provide good price to farmers but also help in providing quality food products in India.
"Globally, around 90 per cent food is processed. In a country like China around 40 per cent food is processed but in India only 6 per cent of food and vegetables are processed," he said, adding that around 35 per cent food goes waste as it is not being preserved through processing.
He further said the processed food would also help in combating the food adulteration practice which has become quite rampant in the country.
"After we double our processing capacity, the total food processed would be increased to 7 per cent from the existing 6 per cent," he added.
The company is presently using grains as wheat, rice, millet and various other varieties along with pulses.
Patanjali, which crossed Rs 10,000 crore sales in last fiscal, is now having global ambitions.
While speaking at an event organised by industry body FICCI, Balkrishna said the industry players are taking steps towards making Indian food industry an international brand.
"Patanjali Ayurved Ltd is committed to go global and fight adulteration in the food industry," he said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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