ITC Chairperson Sanjiv Puri expressed hope in India's growth story
Conglomerate ITC has announced investments in eight manufacturing units as part of its Rs 20,000 crore capital expenditure push in the medium term. As per the company, the investment is part of ITC Next Strategy to design the path forward for company’s growth.
During the annual general meeting (AGM) of the company earlier this year, ITC Chairperson Sanjiv Puri announced the Rs 20,000 crore plan. The eight manufacturing units are in various segments, ranging from FMCG to value-added agriculture.
Puri asserted that ITC is confident about the growth prospects of Indian economy. The ITC chairperson said, “Our confidence in the India growth story is unwavering and is reflected in ITC’s investment outlay of about Rs 20,000 crore in the medium term. Investments are being scaled up across FMCG, Paperboards and other businesses, as well as in accelerating digital transformation and strengthening the agri back end.”
The facilities which were launched include a foods facility, a moulded fibre factory for plant based sustainable packaging and a unit for personal care products. As per ITC, investments in integrated plants in foods and paperboards across different states are also under consideration.
The conglomerate’s push for investment comes amid the government’s call to increase private sector investment. The 2023-24 economic survey highlighted the fact that despite the government’s push through PLI and other schemes, private sector investors are still lagging.
ITC recently announced its quarter 2 results. Its profit rose 2 per cent to Rs 4,993 crore while revenue saw a 16 per cent growth to Rs 22,282 crore. While there have been doubts about demand in the Indian economy, ITC is ramping up investments to capture the long-term prospects of the Indian economy.
The conglomerate is also expected to complete the demerger of its hotels business by the end of the year.