ITC Ltd is “proactively exploring” acquisition opportunities in the fast moving consumer goods (FMCG) business to build additional pillars of growth, while it will continue to examine alternate structures in the hotel business for value creation, said chairman and managing director Sanjiv Puri.
The conglomerate will also launch a Super App during this year targeted at small farmers to expand the ITC e-Choupal network which will also create new revenue streams, strengthen sourcing efficiencies and power its FMCG brands, said Puri.
Addressing the company’s shareholders during the 110th annual general meeting held virtually on Wednesday, Puri said ITC’s non-cigarette FMCG brands have garnered consumer spends of over Rs 22,000 crore across more than 150 million households. “This also makes ITC one of the largest incubators of world-class Indian brands,” he said.
Puri said ITC will continue to evaluate “value accretive inorganic opportunities as an additional pillar of growth.” He said this was manifest in the earlier acquisition of Savlon and Nimyle brands, and more recently of Sunrise Foods which is a market leader in the East in branded spices.
“ITC will continue to evaluate value accretive inorganic opportunities as an additional pillar of growth.”
