ITC Aims for Market Leadership Across Segments: Chairman Sanjiv Puri
ITC is intensifying its competitive edge and enhancing innovation under its “Next Strategy,” with the goal of leading in every segment it operates in, said Chairman and Managing Director Sanjiv Puri.
Speaking to PTI, Puri explained that ITC Next Strategy is designed to build a future-ready enterprise, driving the next phase of growth and profitability. The strategy focuses on key areas such as digitalization, sustainability, innovation, and supply chain efficiency to boost competitiveness.
“These areas have been identified for targeted interventions to ensure ITC remains competitive and contemporary. Our goal is to innovate while leveraging our enterprise strengths,” he stated.
Building a Future-Ready ITC
Puri emphasized that ITC aspires to be a large-scale leader across its businesses, maintaining agility and a consumer-centric approach. The company is fostering a culture where employees have ownership and flexibility to drive innovation.
With a diversified portfolio spanning cigarettes, FMCG, agriculture, paperboards, and IT, ITC has outlined a three-pronged growth strategy:
1.Expanding its core businesses, which present significant opportunities in India due to rising per capita income and consumption.
2.Exploring adjacent business opportunities.
3.Developing future-ready product categories.
Investing in Growth and Sustainability
Currently, cigarettes and FMCG contribute over 70% of ITC’s revenue. As part of its Next Strategy, the company announced a ₹20,000 crore investment plan in mid-2023 to fuel medium-term growth.
In the paperboard segment, ITC has expanded its value-added paperboard capacity by over 33% in recent years. It is also developing sustainable packaging solutions using plant-based molded fiber, with a new state-of-the-art facility commissioned in Sehore, Madhya Pradesh.
In FMCG, ITC continues to scale its ₹8,000 crore Aashirvaad brand. The company is expanding its portfolio with multi-grain atta, frozen bread, besan, ghee, and vermicelli, while also developing new categories like frozen snacks under ITC Master Chef.
Portfolio Expansion and Strategic Moves
ITC recently demerged its hotel business into a separate entity, ITC Hotels Ltd, with the listing date yet to be announced.
“Our approach is to continuously modernize and refresh our portfolio while building new growth drivers,” Puri concluded.
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