ITC evaluating inorganic expansion, aims to boost non-cigarette verticals

Firm's acquisition of Kolkata-based Sunrise Foods is a step forward in its bid to strengthen spice business

Cigarettes-to-hotels major ITC Ltd is evaluating inorganic expansion of its portfolio and strengthening of the spice business.

In a filing with the BSE, ITC said, “The company, as part of its business strategy, is always exploring inorganic growth opportunities, and enquiries received from market participants are suitably evaluated.” The company was responding to a clarification sought from the stock exchange over the acquisition of Kolkata-based spices major Sunrise Foods.

ITC clarified, however, that it had not entered any exclusivity agreement for the acquisition.

Sunrise Foods has four factories at Kolkata, Bikaner, Jaipur and Agra and has a strong presence in