Sunday, Mar 27, 2005
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By Our Special Correspondent
KOLKATA, MARCH 26. The board of ITC today approved a Rs. 14,000 crore business plan for a five-year period ending 2009-10. The plan which is being described as an aggressive one, will include outlays towards acquisitions in India and abroad, besides upgrading technology and setting up of new production facilities. Commenting on the company's bullish plans its Chairman, Y. C. Deveshwar, said "Quite apart from the positive growth signals in the economy, the board's decision was driven by our aspiration to contribute to the national effort of investment-led job creation." An ITC spokesman said the investment would be spread across fast moving consumer goods, hotels, paperboards, paper and packaging and agribusiness. Regarding acquisitions, indications were that hotels and food business would be the priority action areas. Bulk of the investment would be earmarked for technology upgradation in the tobacco business which contributes the majority of the company's turnover. New production facilities would also be set up in the garments and foods sectors. The ITC Welcomgroup chain of hotels would be expanded with new hotels in key locations. The paper and the paperboards business would see the addition of an integrated pulp and paper facility. Investments are also planned for expansion of ITC's e-choupal network for rural sourcing and distribution. A rural hypermarket chain would be set up under the `Choupal Sagar' brand. The ITC board also reviewed progress against the `triple bottom line' objectives while approving allocations for scaling up social development initiatives such as sustaining ITC as a water positive organisation, attaining the carbon positive and zero solid waste status by 2010.
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