Indian diversified multinational conglomerate conglomerate ITC Ltd will foray into new categories and sub-segments in the FMCG vertical, which will be supported by multi-dimensional investments.
Addressing the company’s shareholders at its annual general meeting here, ITC Chairman Sanjiv Puri said the company is seeking to be an engine of growth for Indian economy through a vibrant portfolio of future-ready businesses.
“Today, around 25 per cent of ITC’s segment revenue is from newer FMCG businesses… To accelerate growth in the FMCG businesses, the endeavour is not only to fortify the existing categories towards delivering industry-leading performance but also to foray into newer categories and sub-segments.
“This would be supported by multi-dimensional investments as also strategic opportunities for acquisitions,” he said.
Later, talking to reporters, Puri said ITC will focus on health and wellness products within the FMCG vertical.
“A whole range of products are being developed in the health and wellness space,” he said.
He also said the company will attempt to reinforce the existing categories in the FMCG segment.
“We want to make FMCG a large business… Take it to Rs 1 lakh crore in the long-term,” he said.
At present, the turnover of the vertical is Rs 12,000 crore.
Earlier, in his address to shareholders, Puri said in the last two to three years, ITC has expanded its FMCG portfolio by foraying into new segments. Over 50 products were launched last year to strengthen existing categories and enter newer segments, he added.
Reiterating the company’s vision, he said, “ITC seeks to be an engine of growth for the Indian economy through a vibrant portfolio of future-ready businesses that are well poised to serve the emerging needs of a growing market through world-class Indian brands.”
These businesses also anchor competitive value chains that empower millions of farmers and trade partners, generating livelihoods for more than 6 million people in the country, Puri said.