ITC trying to ‘fast forward’ Rs.25,000 crore investment plan

July 27th, 2012 - 10:46 pm ICT by IANS  

Kolkata, July 27 (IANS) In spite of a slowdown in India’s economic growth and low business sentiment, cigarette-to-hotel conglomerate ITC Ltd Friday said it is trying to “fast forward” its investment plan of pumping in nearly Rs.25,000 crore over the next five to seven years.

“All our businesses are fast forwarding their business plans,” ITC Ltd chairman Y.C. Deveshwar said at a press conference here.

He said India Inc should speed up its investment plans for quick economic recovery.

The company has earlier said it would invest nearly Rs.25,000 crore over the next five to seven years. Asked whether ITC would fast forward its investment plan, Deveshwar said: “Yes, that is what we are trying to do.”

“At the current moment, over 40 projects, large and small, are in various stages of implementation across the country,” he added.

The Kolkata-based firm, India’s fifth most valuable company, is all set to enter the milk-based product market.

“The new value chain that we are trying to nurture is animal husbandry, dairy development and milk product value chain. So, ultimately it would ensure our entering and creating brands to market milk-based products for the Indian market,” Deveshwar said.

The company will be commissioning its first dairy firm in Bihar’s Munger soon.

ITC has asked all the factories across the country to start animal husbandry programme in its premises.

The diversified conglomerate is hopeful of getting possession of a 39-acre of land in West Bengal soon for setting up food factories. It could not get its possession because of legal tangles. It has already got a land of 18 acres.

“The government has allotted us 18 acres of land in Bengal. We are hopeful of getting another piece of land of 39 acres. These two together will constitute an integrated food factory and integrated logistic hub. Total investment will be Rs.500 crore,” Deveshwar said.

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