Diversified business conglomerate ITC Ltd expects its new fast moving consumer goods (other than cigarettes) business to clock a turnover of Rs 1 lakh crore by 2030.
The company’s FMCG business comprises packaged food, personal care, education and stationary products, agarbatti, safety matches and lifestyle retail ventures - Wills Lifestyle and John Players. The segment clocked a turnover of Rs 7,000 crore during 2012-13.
According to ITC Chairman, Y.C. Deveshwar, the new FMCG businesses have gained considerable traction.
“This is evidently an audacious aspiration and one that may not necessarily be realised in my own lifetime. I, however, wish to place ITC firmly on the path to such accomplishments,” Deveshwar said while addressing the 102ndannual general meeting here on Friday.
Stressing on the need to create "world-class Indian brands", the ITC chairman pointed out that consumption of foreign brands was increasing not just in the luxury items space but also for daily consumables.
Some of its brands such as Aashirvaad atta and Sunfeast biscuits have already garnered annualised consumer spends of over Rs 2,000 crore each. The Classmate brand of notebooks and scholastic products has notched up consumer spend of Rs 1,000 crore, while Bingo!, Candyman and Vivel are estimated to draw consumer spends of over Rs 500 crore each, he added.
ITC, which had committed investments of over Rs 26,000 crore about three years ago, has been able to invest only about Rs 2,000 crore till so far.
While there was no dearth of resources, however, delays in getting Government clearances and land, were the key bottlenecks delaying the projects, Deveshwar said.