Kolkata: Diversified conglomerate ITC Ltd will invest Rs20,000 crore in the medium term to expand its manufacturing footprint across sectors, Chairman SanjivPuri said on Friday.Speaking at the AGM, he said the company has already set up eight new manufacturing facilities in recent years as part of its growth strategy.

Puri said the company will prioritise its ‘Bharat First’ strategy—focusing on deepening its domestic presence—before making a significant overseas impact. He added that new brand launches are aimed at driving value accretion.Sixty-five per cent of the company’s revenue is from non-cigarette business, Puri said.

Purifurther said the company will continue to evaluate strategic options for its businesses, including ITC Infotech, based on competitive context, business maturity, opportunities and overall value creation, without specifying any immediate plans for a demerger similar to the hotels vertical.

Referring to studies by leading consulting firms in 2002, 2006, and 2017, Puri said these reports observed that conglomerates delivered superior shareholder returns in about 50 per cent of cases.

“Value creation is not a function of diversification, but of how that diversity is managed. With distributed leadership, strong governance and institutional synergies, ITC has turned this into a strength,” he said.

Responding to a query on the possibility of spinning off ITC Infotech as a separate listed entity at the AGM, Puri said: “We look at the business strategy, the competitive context, maturity of the business, and weigh the pros and cons of the current structure. Whatever is best, we recommend for shareholders’ approval.” He stressed that ITC’s structure is aligned with its strategic objectives, and decisions such as the demerger of ITC Hotels follow extensive reviews. “Just like we did for hotels, whatever is right will be done at the right time. Nothing is cast in stone,”Puri asserted.