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ITC plans multiple projects with Rs 25,000 crore outlay
Kolkata, July 22 (IANS) ITC Ltd has planned multiple projects with an outlay of Rs 25,000 crore over the next five years, Chairman and Chief Executive Officer Y.C. Deveshwar told shareholders on Friday.
Unfortunately the weak cold-chain infrastructure and the virtual absence of well-established end-to-end players impede the growth of processed food industry, more so in the case of perishables where it is most needed, Deveshwar said at the company’s 105th annual general meeting.
"It is for this reason that your company is exploring the opportunity to invest in a state-of-the-art cold chain to cover farm produce, including fresh, frozen and dehydrated fruits and vegetables," he said.
He said he advocates for synergy of superior agri-sourcing and culinary expertise.
"Such synergy is expected to infuse competitiveness to your company’s Sunbean brand of premium coffee that is due to be launched shortly," said Deveshwar.
He said the company has engaged with farmers to implement an integrated farm management programme to grow high quality super safe spices.
"A new range of such spices, tested for as many as 450 contaminatants at par with European standards, in comparison to only 10 in the domestic market, will be available shortly for the Indian health-concious consumer," he said.
ITC Ltd reported that its standalone net profit rose 10 per cent to Rs 2384.67 crore for the quarter ended June 30, 2016 as compared to Rs 2166.09 crore for the corresponding quarter last year.
ITC is India’s largest tobacco firm that also makes a host of non-tobacco FMCG products.