ITC to introduce new packaged food products

ITC | Supratim Dutta is appointed as the Chief Financial Officer of the company. (Image: Reuters)

In a bid to become India’s biggest fast-moving consumer goods (FMCG) company, ITC is planning to explore entry into more consumer categories and launch 30-40 new products each year, according to a report by The Economic Times.

“To achieve our revenue target of Rs 1 lakh crore by 2030 from the new FMCG businesses, we are strengthening our existing categories and venturing into newer ones,” B Sumant, president of the FMCG business, told the newspaper.

“A lot of resources are being invested in product development with a strong R&D team,” Sumant added.

The Kolkata-based conglomerate is likely to have 60-65 percent of the new launches in the packaged food segment which contributes over 22 percent to its net revenue. The revenue from the packaged food segment is next only to the cigarette business, which contributes to 46 percent of the net revenue of the company, according to the report.

ITC is looking to plug gaps in its portfolio but will only acquire brands that can be scaled up using its own distribution network, the report adds.

The firm’s current products in the FMCG segment include cigarettes, personal care, stationery and packaged food, among others. In the previous financial year, the company launched 30 products, second to only rival Patanjali Ayurved.