 "ITC")
Diversified conglomerate ITC Limited on Friday said the FMCG business has immense potential for growth with its brands commanding an annual consumer spend of Rs 29,000 crore.
Speaking at the 112th AGM of the company, ITC chairman Sanjiv Puri told shareholders in his address that the FMCG brands are being exported to several countries and the business vertical has immense growth potential due to the rising per capita income of the people.
"The ITC Next strategy for the FMCG business is to build a future-ready portfolio. With more than 25 brands at the moment, the annual consumer spend is around Rs 29,000 crore", Puri said.
He said that the addressable market for the FMCG vertical of ITC is USD five trillion. "The business has immense opportunity to harness this potential", Puri added.
Regarding the hotel business, the ITC board had given in-principle approval to demerge the vertical and spin it off into a new entity.
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Puri said that the business is well poised to capitalise on the growth potential of the tourism sector growing.
"We have pivoted to an asset-right strategy. With 120 hotels at the moment under ITC fold, managed properties comprise 55 per cent of the total rooms", he said.
Regarding the cigarette business, he said the company has been introducing new brands with stability in the taxation regime, sales volumes are increasing.
ITC continues to strengthen the cigarette business, he added.
Puri said the FMCG business is linked to the agri-value chain. The ITC MAARS project will support 4000 FPOs by 2030, he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
