In its centenary year, ITC put in the pipeline projects worth Rs. 23,000 crore across three business segments — FMCG, paper, paperboards and packaging and hotels — with Chairman Y. C. Deveshwar saying that the company was ready to grasp the opportunities that might be thrown up by the growth of the Indian economy. He was addressing the company's annual general meeting here on Friday.
A resolution to double the company's share capital to Rs. 1,000 crore was also passed at the AGM. Addressing a press conference later, Mr. Deveshwar said that acquisitions were being looked at in all the areas and if there was an opportunity of a good buy then ITC would always be interested. He saw the FMCG business getting stronger with a turnaround this year and entry into new product segments.
He said the West Bengal Industrial Development Corporation has identified 18 acres in Uluberia in Howrah for an integrated foodpark project that ITC wanted to set up.
He said the company had asked for about 40 acres few years back. Enquiries revealed that the project would entail a Rs. 300-crore investment and snack-food might be the first product.
ITC is also setting up a second hotel adjacent to its existing hotel here and Mr. Deveshwar said that it would be a hi-rise building. “We want to do a lot for Kolkata and West Bengal,” he told the shareholders earlier.
The ITC Chairman welcomed the proposals of the new takeover code saying that increasing the threshold level to 25 per cent would be good for shareholders.