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After entering the ghee (clarified butter) segment last year, ITC is planning to foray into the dairy whitener space as it looks to expand its presence in the dairy segment.
In line with its ambitious goals for the food business, the company is also in the process of ramping up its manufacturing capacity and expects to set up six-eight integrated food processing plants in the next three years. Talking about expanding manufacturing capabilities, V L Rajesh, Divisional Chief Executive, Foods Business, said: “In the next three years, we expect to have six-eight integrated food processing plants. These will be massive facilities that will make a variety of products. So far, we have a combination of contract manufacturers and company-owned manufacturing facilities.”
The manufacturing facilities will come up in West Bengal, Assam, Karnataka, Tamil Nadu, Maharashtra and Punjab. While not giving out specifics, Rajesh said the plant coming up in Kapurthala alone would see investments of ₹1,400 crore and be operational by next year.
The company has in the past stated that it plans to garner revenues of about ₹1 lakh crore from new FMCG (fast moving consumer goods) businesses by 2030, as it aims to be the leading player in the category. It has also stated its long-term plans to invest ₹25,000 crore across verticals.
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