ITC plans mega investments across businesses

July 23rd, 2010 - 1:54 pm ICT by IANS  

Kolkata, July 23 (IANS) Hotel-to-cigarette major ITC plans major investments of nearly Rs.100,000 crore across all segments of its businesses including consumer goods, paper packaging and hospitality sector over the next 7-10 years, a top official said Friday.
“The fast moving consumers goods sector in India is expected to triple in size to over Rs.355,000 crore by 2018,” ITC chairman Y.C. Deveshwar told the 99th annual general meeting of the company here.

“I can sight an investment opportunity for ITC of up to Rs.80,000 cores over the next 7-10 years to drive growth in this sector,” Deveshwar said, added that in paper, paper board and packaging sector there was an investment opportunity of Rs.6,000 crore.

“At conservative estimate, India needs 50,000 rooms over the next two-three years. This sector too carries an investment opportunity for ITC of up to Rs.9,000 crore in 7-10 years to fuel growth,” he said.

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