ITC To Invest Rs 20,000 Crore In New Manufacturing Units In Medium Term, Says Chairman Puri
ITC's "Next Strategy" has set out to redefine the next horizon of growth and competitiveness, Puri said.
ITC Ltd. plans to invest Rs 20,000 crore in the medium term to ramp up manufacturing footprint across businesses, Chairman Sanjiv Puri said on Friday.
The FMCG major has already set up eight new manufacturing facilities in recent years as part of its growth strategy, and the additional investment will aid the company's efforts to further scale new horizons, he told shareholders while speaking at the 114th annual general meeting.
Puri underlined the challenges to business in current times. "Geopolitical conflicts, elevated uncertainty in trade policies, the accelerated climate crisis, rapidly changing consumer preferences and regulations, and the societal impact of dynamically evolving areas such as artificial intelligence are today raising significant concerns."
Calling for efforts to redefine growth, he said that ITC's "Next Strategy" has set out to redefine the next horizon of growth and competitiveness.
"The two key pillars of this strategy are creation of a future-ready portfolio and the need to build anti-fragile supply chains," Puri said, adding that the company is building a portfolio across all businesses to win "the markets of tomorrow." ITC is also setting up an integrated consumer goods manufacturing plant in Sandila, Uttar Pradesh.
About 65% of the company's revenue is from non-cigarette business. ITC’s FMCG portfolio of 25 brands accounts for an annual consumer spend of over Rs 34,000 crore, reaching over 260 million households in India and gaining encouraging consumer franchises in over 70 international markets.
India's consumer market is at the cusp of a profound transformation, with per capita incomes projected to exceed $4,000 by 2030, said Puri. ITC will prioritise its 'Bharat First' strategy—focusing on deepening its domestic presence—before making a significant overseas impact, he added.
