ITC aspires to be numero uno in FMCG sector: Deveshwar
Kolkata: Diversified conglomerate ITC Ltd on Friday said it aspired to be the number one player in the FMCG sector in the country.
"I have expressed ITC aspiration to be the number one player in the FMCG sector in India without taking into account its cigarette business. This is evidently as audacious aspiration... I wish to place firmly on the path to such accomplishment," ITC Chairman Y C Deveshwar told shareholders at the company's AGM here.
He said the company's FMCG business had gained considerable traction with the top-line having exceeded Rs 7,000 crore in the past one year.
"It is within the realm of possibility that ITC will be able to achieve a turnover of over Rs One lakh crore from its brands in the new FMCG business by 2025-30," Deveshwar said.
ITC's non-cigarette FMCG brands include 'Aashirvaad', Sunfeast, Candyman, Kitchens of India, Classmate, Vivel, Essenza Di Wills, Superia, Wills Lifestyle, John Players etc.
Relating to the cigarette business, he said: "The leadership of the brands in this segment provided the cash flows which were enabling to create world-class brands in multiple consumer segments".
The cigarette business was also the basis for building capital-intensive hotels and paperboards businesses, he said.
Deveshwar said that the threat from foreign cigarette brands was growing due to exponential growth of contraband products induced by high rates of central and state taxes imposed on domestic manufacture.