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ITC bets big on FMCG business

It has over 25 brands at the moment with the annual consumer spend of about Rs 29,000cr

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ITC claimable on gold coins, white goods
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12 Aug 2023 11:46 AM IST

Kolkata Diversified conglomerate ITC Limited on Friday said the FMCG business has immense pote ntial for growth with its brands commanding an annual consumer spend of Rs 29,000 crore. Speaking at the 112th AGM of the company, ITC chairman Sanjiv Puri told shareholders in his virtual address that the FMCG brands are being exported to several countries and the business vertical has immense growth potential due to expected rising per capita income of the people. "The ITC Next strategy for the FMCG business is to build a future-ready portfolio focussed on fortifying and scaling mega brands. With more than 25 brands at the moment, the annual consumer spend is around Rs 29,000 crore", Puri said. The ITC Next strategy seeks to design the next horizon of competitiveness, growth and profitability in the face of global uncertainties. Puri said that the addressable market for the FMCG vertical of ITC is $5 trillion. "The business has immense opportunity to harness this potential", he added.

With the multi-dimensional interventions of ITC Next, the company is well-positioned to harness the significant market position and attain leadership in every segment.

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