ITC Limited, India’s leading FMCG major today signed an MOU with the Ministry of Food Processing Industries, Government of India to invest a sum of Rs. 10,000 crore in the food processing sector in India.
As part of the Rs. 10,000 crore investment plan ITC will be setting up 20 state-of-the-art Integrated Consumer Goods Manufacturing & Logistics Facilities in 12 states across India. At these facilities, the company would be manufacturing its world-class branded food products, including Aashirvaad atta, Sunfeast biscuits, YiPPee! noodles, Bingo! snacks, B Natural juices, and processed fruits and vegetables.
ITC is the Platinum Sponsor for World Food India 2017 with strong presence and participation in the first-of-its-kind event to showcase India’s food sector potential. ITC’s contribution includes participation in the World Food Street where visitors can savour cuisines using Indian ingredients, a gala dinner showcasing the finest Indian cuisines by ITC Hotels to national and international dignitaries and an exhibition displaying the company’s full range of farm to consumer value chain.
Commenting on the occasion, Mr Sanjiv Puri, CEO and Executive Director, ITC Ltd, said, “With a population of 1.3 billion, India’s consumption market is projected to triple to $4 trillion by 2025 with the bulk of expenditure going into food products. Improvement in agricultural yields an increase in the level of processing from the current 10% to 30% can increase the GDP by as much as 5-fold.”
“ITC with a strong legacy of working closely with the farmers and a vision to be the largest food and consumer products company in India is well placed to make a strong contribution towards this transformation story of the country’s food processing sector”, he added.
In addition, these facilities will become the epicentre for the development of integrated and competitive agri-food value chains with programmes for farmer empowerment and climate-smart agri development across the ITC e-Choupal network. Once ready, these facilities would be a shining example of the Government’s Make in India vision in the food sector. Further, through 360-degree interventions and by strengthening the agri-value chains, ITC would be empowering 10 million farmers by 2030.
ITC is today the 3rd largest player in the branded packaged foods segment and has set an ambitious target to reach a revenue of Rs. 1,00,000 crores by 2030 and become the no. 1 player in the consumer FMCG space. Fuelling this vision is an overall investment outlay of Rs. 25,000 crores in furtherance of the company’s “India First” strategy.
ITC’s branded packaged foods business is one of the fastest growing foods businesses in India, driven by the market standing and consumer franchise of its popular brands – Aashirvaad, Sunfeast, Bingo!, Yippee!, Kitchens of India, B Natural, Mint-o, Candyman and GumOn. The Foods business is today represented in multiple categories in the market – Staples, Spices, Ready-to-Eat, Snack Foods, Bakery & Confectionery, Juices & Beverages, frozen foods and the most recent foray into branded fresh Fruits & Vegetables.
ITC’s Foods brands delight millions of households with a wide range of differentiated, value-added products developed by leveraging ITC’s in-house R&D capabilities, deep consumer understanding, knowledge of preferred Indian tastes, agri-sourcing & packaging strengths, and an unmatched distribution network.