ITC looks at portfolio expansion in its food division
Diversified conglomerate ITC is planning to expand its food portfolio. The expansion is aimed at achieving the stated vision of the company of getting Rs 1 lakh crore turnover from FMCG.
Hemant Malik, Divisional Chief Executive (foods division), ITC, said, "The ambition set by our chairman and managing director of Rs 1 lakh crore by 2030 is something we are all working towards, with current categories as well as new categories that we are getting into."
The food category is expected to contribute about 60-65% of the company's turnover by 2030.
"We are looking at the dairy space. It is a huge space, and we have launched in a few markets. We will be launching dairy beverages in a couple of months. In the snack category also there are many areas where we haven't started operating in. We will be exploring health space in snacking shortly. In juices, we launched 100 per cent pomegranate and we will be adding more," Hemant further stated.
Recently, ITC has announced that it will augment its dairy portfolio by foraying into the paneer and milkshakes segments. The company is also planning to launch paneer for the Kolkata market and milkshakes pan India within two months.