New Delhi: The government has given in-principle approval to a vedic university to be established at the central level, which will be run by the consumer goods giant Patanjali — the brainchild of Yoga guru Baba Ramdev.

The issue was discussed between Union Human Resource Development Minister Prakash Javadekar and representatives of Baba Ramdev last week, according to informed sources.

“The matter was discussed in a meeting with Patanjali representatives and the Minister. Baba Ramdev has expressed his intention to become the chairperson of the university and made the offer to bear the expenses,” the source told media persons.

Patanjali Ayurved Limited is an Indian consumer goods company. Manufacturing units and headquarters are located in the industrial area of Haridwar while the registered office is located at Delhi.

The company manufactures mineral and herbal products. It also has manufacturing units in Nepal under the trademark Nepal Gramudhyog and imports majority of herbs in India from Himalayas of Nepal.

Yoga guru Baba Ramdev to head Vedic university run by Patanjali at central level:

According to CLSA and HSBC, Patanjali is the fastest growing FMCG company in India. It is valued at ₹30 billion (US$420 million) and some predict revenues of ₹5,000 crore (US$700 million) for the fiscal 2015–16.

Patanjali declared its annual turnover of the year 2016-17 to be estimated ₹10,216 crore (US$1.4 billion). Baba Ramdev has stated in his interview with CNN-News18 that profit from Patanjali Products goes to charity.

Baba Ramdev established the Patanjali Ayurved Limited in 2006 along with Acharya Balkrishna with the objective of establishing science of Ayurveda in accordance and coordination with the latest technology and ancient wisdom.

Balkrishna owns 98.6% of Patanjali Ayurved, and as of March 2018, has a net worth of US$6.1 billion.