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ITC to invest 10k Cr in food processing

29 NOV,2017

NFS Correspondent

ITC is planning invest around Rs 10,000 crores in the coming years to strengthen its business in the food processing sector. Sanjiv Puri, chief executive officer (CEO) of the company, has not mentioned the categories under FMCG space his company would expand into.

 

Much of the allotted investment would be based in West Bengal. This is a part of the company’s Rs 25,000-crore-investment package that it has planned to invest on 65 projects, including 20 integrated factories for consumer goods across the country.

 

Recently, the Kolkata-based company forayed into the fruit and vegetables segment with its Farmland brand of low-sugar potatoes. In the past, it has also ventured into seafood and juice segments.

 

By 2030, the company has targeted a revenue of Rs 1 lakh crore of which, FMCG is expected to be one of the biggest contributors.

 

Nearly 58 per cent of the company’s revenues come from the non-tobacco products; 80 per cent of the capital employed is in the non-tobacco sectors and 90 per cent of the company’s employees are in the non-tobacco areas.

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