ITC has decided to foray into the fruits, vegetables and other perishables segment very soon as part of its efforts to reduce agri-wastages in the country.
“Investments are underway to create climate-controlled infrastructure for an efficient supply-chain to unlock the potential latent in this area,” ITC Chairman Y C Deveshwar said.
Addressing the company’s shareholders during the annual general meeting, on Friday, he said the company will create an agri-value chain that will help farmers diversify crop production as well as manage wastage. It will provide high-quality options to consumers.
Investments have also been made in farming for aromatic and medicinal plants, keeping in mind ITC’s focus on agri-based health and wellness products, he said.
The ITC Master Chef Frozen Prawns have recently been launched in select markets and will shortly be rolled out nationally.
These high quality ‘super safe’ prawns leverage ITC’s 45-year legacy in exporting to the most exacting markets of the world, Deveshwar said.
“ITC believes it is critical to invest in developing world-class Indian brands that can help create, capture and retain larger value within our country. Strong Indian food brands, with deep agri-linkages at the backend, can significantly add market-led value to India’s farm sector,” Deveshwar said.
In addition, the company has invested in a globally benchmarked Life Sciences & Technology Centre in Bengaluru.
wwWith 350 scientists, the Centre is helping shape a new future in agri-sciences and bio-sciences, contributing to value addition in the agricultural sector.
Around 20 state-of-the-art Integrated Consumer Goods Manufacturing and Logistics facilities are under various stages of development and will, over time, create food processing and manufacturing centres of excellence to support the scale-up of your Company’s agri-based businesses, he stated.
Deveshwar said ITC will be able to support over 100 lakh sustainable livelihoods by 2030, coinciding with the aspiration of registering a revenue of Rs 1,00,000 crore from the new FMCG businesses. Currently, the company’s businesses create sustainable livelihoods for over 60 lakh people.
ITC’s contribution to the exchequer in the past five years had aggregated nearly Rs 1,40,000 crore. Currently, as much as 74% of the value-added by your company accrues to the exchequer.
He said non-cigarette segments now account for 58% of the net segment revenue, having grown 18-fold since 1996, demonstrating the potential of the company’s multiple drivers of growth. “Today, the non-cigarette businesses deploy 77% of your company’s operating capital and 88% of the employee base, reflecting the radically transformed character of your company,” Deveshwar added.