ITC plans Rs 15K crore expansions

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To expand business of all its verticals including retail and fashion & lifestyle, Indian Tobacco Company (ITC) has planned to invest around Rs 15,000 crore over the next few years, the company has said in its sustainability report 2007.

According to the report, it had spent Rs 6,000 crore to enhance the competitiveness of its businesses in the last financial year.

The company had earned foreign exchange to the tune of $2.8 billion in the previous decade, which comprised over two per cent of the country’s total agri exports.

Announcing plans, the company’s chairman YC Deveshwar informed that the company will put up a food-processing unit in Howrah, West Bengal, with an investment of Rs 300 crore. “The plant would be operational this year itself. In addition to that, we are constructing two super-deluxe luxury hotels at Bengaluru and Chennai,” he said.

ITC recorded Rs 12,179 crore net turnover in 2006-07, up from Rs 9,790 crore in 2005-06.

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