New Delhi: Acharya Balkrishna, CEO of Baba Ramdev’s Patanjali, has become the 25th richest person in India with a wealth of a whopping Rs 25,600 crore.
According to reports, Hurun India Rich List 2016 indicates that Balkrishna has overtaken industrialists like Rahul Bajaj of Bajaj Auto, Adi Godrej of Godrej, Ajay Piramal of Piramal Enterprise and Essar's Ravi Ruia.
Reports said that Patanjali has taken the market by storm and is eating away market share of other multinational FMCGs.
Patanjali registered a turnover of Rs 5,000 crore and expects to hit Rs 10,000 crore in 2017.
Balkrishna holds as much as 94% of the company’s shares and does not take any salary.
Balkrishna was quoted as saying that Patanjali operates at an 8-10 per cent profit margin and profits are reinvested in innovation and capacity expansion to bring prices down.
Patanjali has launched a number of products simultaneously instead of following the traditional way of doing market research first. It has now decided to launch ‘swadeshi jeans’ by end of 2016 or early 2017.