FMCG major ITC's Chairman Sanjiv Puri said on July 25 that the company plans to invest Rs 20,000 crore in the medium term to ramp up business footprint across sectors.
He was speaking at the annual general meeting held in Kolkata, where he said the company is committed to boost the Make in India initiative and has built 40 manufacturing assets across India. Speaking at the AGM, he said the company has already set up eight manufacturing sites in recent years as part of its growth strategy, in areas such as FMCG, sustainable packaging, and export-oriented value-added products.
Sanjv Puri underscored the challenges to business in current times and called for efforts to redefine growth. "We are navigating a pivotal inflection point shaped by turbulence, uncertainty and rapid changes that calls for novel strategies to reimagine the future." Puri added that it is 'imperative' to redefine growth and adopt a new paradigm of 'compassionate capitalism'.
"The year gone by saw challenges from a weak external sector, dumping of imports, and inflationary pressure leading to softening of demand," Sanjiv Puri said. ITC is slated to declare its June quarter results on August 1, 2025.
To sustain India's growth trajectory, ITC Chairman backed the need for 'strategic' supply chain decisions and an effort to 'redouble' much larger value addition in the economy, while stating that new brand launches are aimed at driving 'value accretion'. As much as 65 percent of the company's revenue now comes from its non-cigarette business, the Chairman said. Since FY21, the FMCG segment has increased revenue from Rs 14,700 crore to around Rs 22,000 crore in FY25.
The foodtech business is being seen as a new lever in ITC's next leg of growth, ITC Chairman said, and the business has generated a CAGR of 108 percent in three years since inception. "A full stack foodtech platform has scaled up to 60 cloud kitchens across five cities and is now progressively being introduced across India," Sanjiv Puri said.
"The year gone by saw challenges from weak external sector, dumping of imports inflationary pressure leading to softening of demand. However, the future outlook remains promising on the back of continued thrust on reforms," ITC chairman said.
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