ITC charts plans to enter new FMCG categories

Kolkata: Diversified conglomerate ITC will foray into new categories and sub-segments in FMCG vertical which will be supported by multi-dimensional investments and strategic opportunities for acquisitions, its Chairman Sanjiv Puri said on Friday.

Addressing the company's shareholders at its annual general meeting, 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," he said.

Puri further said, "This would be supported by multi-dimensional investments as also strategic opportunities for acquisitions."

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, Puri 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."