HYDERABAD(India),March2 2012: The Tirumala Tirupati Devasthanam (TTD), an autonomous body managing the affairs of the country’s richest temple, just got richer by a whopping Rs2 billion through sale of human hair! The Rs540 million that the TTD netted through e-auction of human hair last year pales into insignificance when compared to the earnings in 2011-12.The human hair, offered by devotees at the popular Tirumala temple, has generated a huge demand in the global market, and this has turned out to be a major money-spinner for the temple authorities who opted for e-auctioning of the stock. Hair traders from across the globe participated in the e-auction. While the first phase of e-auctioning of hair, held in September last year, had fetched Rs1.3 billion, the second phase organised recently got Rs700 million. The auctions were jointly conducted by the TTD and the Material Scrap Trading Corporation (MSTC) — a public sector unit — by inviting global tenders. While 466 tonnes of hair was sold during the first phase, over 95 tonnes of hair found takers during the recent auction. The decision to invite global tenders has resulted in increased revenues to the hill shrine. The highest price quoted during the first auction was marked as the upset price during the second phase. This was done not only to safeguard the interests of the institution but also prevent bidders from forming cartels. The auction of human hair now accounts for the second biggest source of revenue for temple after the hundi collections which stood at Rs6.75 billion last year.
