ITC plans revenue of 1 lakh cr from new FMCG biz by 2030

Picture4Diversified conglomerate ITC Ltd intends to garner a revenue of at least INR1,00,000 crore from new FMCG businesses by 2030.
According to company Chairman YC Deveshwar, it has also filed for 351 new patents across various categories that include agri and consumer products.

“We intend to achieve a revenue of INR1,00,000 crore from new FMCG businesses by 2030, reinforcing our resolve to be the no 1 FMCG player in India,” Deveshwar said here during a press conference.

Over a period of time, ITC plans to enter into new FMCG categories such as tea, coffee, chocolates and so on. The immediate focus will be foray into dairy segment, which is expected “any time soon”.

According to Deveshwar, the company also plans to integrate its warehouses with manufacturing units to better manage its logistics.

“We have envisaged an outlay of INR25,000 crore in 65 projects across the country that include setting up of these factories. We have not yet broken down the investment into categories,” he said.

Currently, of these 65 some 20-odd projects are either underway or are at various stages of development.

Source : FE

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