ITC looks at FMCG segment as growth driver

Kolkata, Nov 27 (IANS) ITC Ltd sees growth opportunity in the fast moving consumer goods (FMCG) space as it is expanding the portfolios in the segment, a company official said on Monday.

"Opportunity is the biggest in the FMCG segment. That is where our internal capabilities can be leveraged... we will look at newer and newer areas as we go along," company CEO Sanjiv Puri said.

According to him, the Kolkata-headquartered company's -- which is into cigarettes to FMCG to the hotel business -- most recent foray has been into fruits and vegetables with the launch of farmland potatoes and it has got some unique varieties of low-sugar potatoes.

"Earlier, we went into sea food. And before that, into B-Natural juices. We have also forayed into the dairy segment with ghee and dairy whitener," he said on the sidelines of Horasis Asia Meeting, co-hosted by the Indian Chamber of Commerce and the West Bengal government.

"It is a continuous expansion of portfolio that we are doing," Puri said.

In the recent World Food India, the company announced investment of Rs 10,000 crore in the food processing sector apart from ongoing investments of Rs 25,000 crore in various sectors, he said.

Speaking on the Goods and Services Tax (GST), the ITC official said by and large, trade has normalised under the new indirect tax regime. "But, there may still be some minor issues in wholesale."

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