ITC wants to grow its revenues a 1000 times by 2030

ITC is looking to increase presence in the FMCG segment and has set a target to achieve revenue of Rs 1 lakh crore by 2030 from its FMCG business, which presently is at around Rs 9,000 crore.

ITC chairman Y C Deveshwar, during an AGM, told shareholders that ITC would enter anything and everything that can be classified as FMCG over a period of time, adding that the company was investing heavily in brands to create consumer franchise in number of ways.

"The company has made relentless efforts in building world class brands, which had garnered an annual consumer spend of Rs 11,000 crore.

ITC was not on the bottomline growth path but on the topline instead. This is why the company is creating the brands of tomorrow," he said.
Deveshwar said that the ITC would be one of the most profitable FMCG companies in future.

"Profits are not the only indicator of success. For instance e-commerce companies are losing cash as they are in the process of building market position. This is what ITC is doing by investing in brands," he said.

Speaking about cigarettes business, Deveshwar said the regulatory environment was not entirely rational and said they were in talks with Centre and state government to bring some rationality by next year.

"I wonder some NGOs are acting as agents of overseas cigarette companies helping smuggling of cigarettes into the country. Smuggling of cigarettes are rising while the legal cigarette industry is losing volumes which is causing the Indian farmers to lose income", he said.

Meanwhile, ITC is investing Rs 3,500 crore in West Bengal in two factories and Rs 6,000 crore at the Telengana paper mill to double capacity.

(Image: Indiatimes)