“In milk business, we are looking at least 15 per cent market share in any market that we enter,” said Hemant Malik, Divisional Chief Executive - Foods, ITC here on Monday.

Speaking to press persons, Malik said the dairy industry in India is huge and highly geographic so the company cannot become an all-India player unless it is sure about sourcing.

“It’s supply chain, sourcing and quality game and we are just building our skills in this space,” Malik added.

Quoting a Nielsen study, Malik said that while package food business (excluding dairy) is estimated at ₹2,30,000 crore, dairy alone is estimated to be ₹1,00,000 crore business.

With a revenue target of ₹1 lakh crore from the FMCG segment by 2030, the company is betting heavily on food business through new product launches and geographical expansion.

“We should grow by at least 16 per annually to reach the target by 2030,” Malik said.

As on March 2018, food business contributed 19.7 per cent of gross turnover at ₹8,668 crore.

Earlier in the day, Malik launched four new variants of ready-to-drink milk-based beverages under ‘Sunfeast Wonderz Milk’ range of products for the Tamil Nadu and Karnataka markets.

Manufactured from ITC’s Kapurthala plant in Punjab, the fruit and milk-based products with real fruit and badam are made with a shelf life up to six months.

The company has recently launched packaged milk and curd under its ‘Aashirvaad’ brand in Kolkata and Bihar.

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