ITC has outlined major investment plans across its diversified business portfolio.
The company is likely to invest close to Rs 8,000 crore over the next 7-10 years to drive growth in this sector, a move aimed at keeping pace with the exponential growth in the sector.
The FMCG sector in India, in which the company is a major player, is expected to triple in size to over Rs 3,55,000 crore by 2018, said chairman Y C Deveshwar, addressing shareholders at the company's annual general meeting.
In the paper, paperboards and packaging business, the company is eyeing an investment opportunity of upto Rs 6,000 crore.
"At conservative estimates, India needs 50,000 rooms in the next 2 to 3 years. This sector too carries an investment opportunity for ITC of upto Rs 9,000 crore in the next 7 to 10 years to fuel its growth," said Deveshwar.
New properties were already under construction in Chennai and Kolkata and plans were afoot in several other locations.