ITC Ltd, the cigarettes-to-shampoo company, is working on an eight-point strategy to reinvent itself and accelerate growth in its non-cigarette businesses, especially branded consumer packaged foods, a segment it entered 15 years ago, chief executive Sanjiv Puri said.
The “create the new ITC” strategy is part of the Kolkata-based company’s plan to reach Rs1 trillion in revenue from its non-cigarette packaged goods business by 2030.
The growth in the branded packaged food business will be fuelled by the company’s entry into fruit, vegetables, and sea food, adding one new product every quarter.
The company has also lined up an investment of Rs25,000 crore in 65 projects, including 20 integrated factories for consumer goods with logistics facilities, covering an area of 28 million sq. ft across the country. Of these, three units will be operational this year, and four more over the next one year.
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