ITC, one of India’s leading consumer goods conglomerates, is planning a major expansion in its food processing business. The company aims to set up eight new integrated food processing units by 2019, with an investment of over Rs 4,000 crore. This move is part of ITC’s larger goal to invest Rs 25,000 crore in its food business, with the intention of becoming India’s largest FMCG player by 2030.
Key Investment Details
- Location of New Plants: ITC has already acquired land for these units in states including West Bengal, Assam, Karnataka, Tamil Nadu, and Maharashtra. An existing integrated facility in Kapurthala, Punjab, which produces atta (flour) and fruit juice, represents a significant Rs 1,400 crore investment.
- Diverse Product Portfolio: ITC plans to introduce 20 new products by the end of 2016 in categories they already operate, while also branching into new segments like dairy whitener. The company’s product reach has expanded to two million retail outlets across India, further strengthening its distribution network.
Market Success in Noodles and Juices
ITC’s noodles brand, Yippee, has seen impressive growth, gaining a 29% market share—doubling its pre-Maggi ban share. In the past year, Yippee’s sales grew by 30%, following a robust 45% growth in 2014-15. Meanwhile, ITC’s juice brand, B Natural, acquired in 2014, currently holds a 7% share in the juice market and aims to reach 11% by year-end with targeted offerings like Punjab da Kinnow juice for northern consumers.
Aiming to Revolutionize FMCG
Chairman Y.C. Deveshwar has outlined a bold vision for ITC, setting a target of Rs 1 lakh crore in revenue from new FMCG businesses by 2030. The company has also made strides in innovation, filing 351 patents in agriculture and consumer goods. This aggressive push into organized food processing is especially significant, as India’s Rs 34 lakh-crore food industry remains largely unorganized.
By investing in production facilities, expanding its product lines, and focusing on local tastes, ITC is positioning itself for sustained growth in India’s rapidly evolving FMCG landscape.
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