ITC chairman Sanjiv Puri says that the company faced unprecedented challenges and is at a pivotal inflexion point. In his address to the shareholders at the company’s Annual General Meeting, Puri said that the changing times call for the company to formulate novel strategies, innovations and solutions to navigate the future.
Puri said, “Future readiness is not merely about adapting to change; it is about anticipating, innovating, and proactively shaping the future. And this is what the ITC Next Strategy has set out to achieve, redefining the next horizon of growth and competitiveness, creating larger value for stakeholders.
Portfolio expansion
Last year in November, ITC announced a capital expenditure of Rs 20,000 crore for medium-term growth. The company said that it will set up eight manufacturing plants to scale its operations across FMCG, paperboard and other verticals.
At the AGM, Chairman Puri said that the company doubled its core agri product segment in the last five years. ITC’s agri-product vertical mainly includes grain, spices, coffee, oilseeds and leaf tobacco business.
Puri said that the company is investing on a large scale in Research and Development endeavours aimed at developing proprietary formulations for specialised value-chains.
Puri said, “ITC is building a portfolio across all businesses to win the markets of tomorrow, harnessing its extensive institutional synergies to seize emerging opportunities. This is powered by a three-horizon strategy that focuses on fortifying the core, addressing value-added adjacencies and nurturing new vectors of growth aligned to emerging trends.”
Wellness brands expansion
The company is rapidly expanding its wellness brands portfolio as it adds 100 new products in the category in FY25. Furthermore, the company’s range of frozen food, under the ITC Master Chef brand, comprises over 80 Indian and Western Snacks, Indian breads, Prawns and Vegetables and has gained encouraging consumer traction.