Having set a target of Rs 1 lakh crore revenue from its FMCG business by 2030, diversified ITC is looking to create “world-class Indian brands” by leveraging on its enterprise strengths.
Buoyed by the successful launches of brands such as Classmates, Sunfeast and Aashirvaad, which are now Rs 1,000 crore-Rs 3,000 crore labels, the company is looking to expand footprints in existing as well as new categories, such as fresh fruits, vegetables and sea foods businesses, to meet the “audacious” goal that it has set for itself.
“Our aspiration is to create world class Indian brands, and create intellectual assets for the nation,” ITC Chief Operating Officer Sanjiv Puri told PTI.
He said the firm has started working towards its goal.
Elaborating on how the firm plans to achieve its goal, Puri said: “To create these world-class brands, we are doing this in many segments,from personal care to foods, education, stationary to agarbatti, match sticks and dhoop battis.
“So, we are continuing to expand our footprints in the existing categories and we are also getting into new categories.”
In 2015-16, ITC’s total FMCG business had a consolidated revenue of Rs 28,409.83 crore in which cigarettes contributed Rs 18,685.98 crore and non-cigarettes at Rs 9,723.85 crore.
Last year the company had stated that it was aiming a revenue of Rs 1 lakh crore from its FMCG business for which it would invest around Rs 25,000 crore in the next few years.