ITC to spend $2b on expansion & quality upgrades

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According to ITC’s announcement on Thursday, it plans to invest about $2 billion over the next five years for capacity growth, new plant construction across its industries, and the introduction of modern technologies to improve product quality. Chairman and MD Sanjiv Puri said the anticipated investment will take place over a few years, according to the company’s website.

“Capacity gearing” in FMCG, agribusiness, and paperboards, paper, and packaging businesses are what Puri told the media. A new line will be added if volumes of a given category grow and the use level is reached. It will build a packaging facility in Gujarat and a nicotine derivatives plant in Karnataka. An ultramodern spice plant for both domestic and foreign markets is also being constructed. 

The firm has to invest in new technologies from time to time to maintain quality. The company is also planning to introduce a Super App named ITC-MAARS (Meta market for Advanced Agriculture and Rural Services) this year. He stated there is a very obvious sequential rebound across all categories, whether they are basics or discretionary products. 

Following that, Puri said that “July was better than the prior months, and August has been better than previous months.” Speaking about the third quarter, which is festival season, he said indicators were “pretty optimistic” at the moment. As a result of our joint efforts, the future waves will be modest, and the spikes will be minimal. 

To be on the safe side it is advisable to wait a bit longer before making any decisions.” According to Puri, the business is looking at acquisition prospects in industries such as food and personal care goods. As part of the next horizon concept, he said the business is “proactively investigating” inorganic options.

Conglomerate’s comprehensive rural healthcare solution, according to the chairman, is part of the conglomerate’s social investment programs. In his words, “this isn’t just another business.”In exchange for operating hotels abroad, ITC receives interest

“We are considering managing hotels abroad,” Puri stated. “We’ve had some attention from beyond India,” says the entrepreneur. According to him, there were pre-Covid ambitions in managing certain properties outside of India. That’s what we’re looking at right now. That’s why it didn’t go as planned. As a result, several of these places have fewer visitors or less traffic. 

Accordingly, it will be developed at the proper moment, but these options are also available,” Puri told journalists here. In Colombo, the firm is now working on a mixed-use development project that includes a luxury hotel and a super-premium residential apartment complex. The construction of the project has been badly affected by the terror attacks of 2019 and the Covid epidemic.

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