ITC trying to ‘fast forward’ Rs.25,000 crore investment planJuly 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.
- ITC aims to create multiple Indian FMCG brands: Deveshwar - Jul 27, 2012
- DS Group acquires dairy plant in Rajasthan - May 02, 2012
- ITC's Sri Lankan subsidiary acquires land in Colombo - May 16, 2012
- ITC shuts down two WIMCO plants - Jul 29, 2011
- WBIDC to hand over land to ITC for production base - Sep 14, 2010
- FMCG business to be profitable in six years: ITC - Jul 29, 2011
- Sahara enters FMCG retail biz on I-day - Aug 13, 2012
- ITC set to get land for food factory in Bengal - Jul 23, 2010
- Murrah milk drives Haryana's white revolution - Aug 22, 2012
- ITC plans Rs.23,000 crore investment over 10 years (Lead, superseding earlier story) - Jul 23, 2010
- ITC plans mega investments across businesses - Jul 23, 2010
- ITC may enter hospital, healthcare business (Second Lead) - Jul 23, 2010
- ITC plans greenfield paper plant, major hotel expansion - Jul 24, 2009
- Tube Investments eyes Rs.500 crore revenue - Dec 07, 2011
- Karnataka gets Rs.1.10-lakh crore investments in agri-business - Dec 02, 2011
Tags: acre of land, animal husbandry, bihar, business sentiment, dairy development, diversified conglomerate, economic recovery, food factories, food factory, india inc, investment plan, investment plans, itc ltd, legal tangles, market milk, milk product, munger, slowdown, value chain, west bengal