The Hindu : Business : ITC keen on acquisitions

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Saturday, Dec 01, 2007
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Business

ITC keen on acquisitions

Special Correspondent

Proposes second hotel in Kolkata

Plans to set up
a potato
processing unit
Awaits land allotment in
West Bengal

KOLKATA: ITC is keen on making acquisitions across its product segments, Chairman, Y. C. Deveshwar, said.

Talking to the media on the sidelines of a national HRD conference, he said if the price and the product were right, ITC might move in on an acquisition. The conference, on the theme ‘India’s Century: the challenge for Indian business leadership’, was organised by the National HRD Network, a 22-year-old association for promoting the HRD movement in the country. On the recent media reports on ITC’s plans on expanding its confectionery business through takeover of an established brand, Mr. Deveshwar said he would not comment on such reports but the group was as much interested in the inorganic growth path as much as the organic one.

On future investments in West Bengal, which has hosted the company for nearly 100 years now, he said these hinge on land availability. “ITC has received several offers for land from the Orissa Government,” he said even as he declined to be drawn into any deadline regarding how long the company would wait for getting a site of its choice in West Bengal.

He said between 60 acres and 100 acres was required for a project which includes setting up of a demonstration farm and a potato processing unit. “I made some commitments to the West Bengal Chief Minister regarding the company’s investment plans and I would like to keep it,” he said. Besides expanding and modernising its cigarette factory in the city, ITC has a proposal on a second hotel and expansion of its existing hotel. Land for the expansion projects are already with the company.

However, with at least another company also making it known at the conference that it was awaiting land from the West Bengal Government, the State Commerce and Industry Minister, Nirupam Sen, came out with a quick response saying that the delay in land acquisition was due to a process of consultation with stakeholders. He sought the co-operation of all, including opposition and other political forces, for the overall benefit of the people in the State.

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