On August 12, Kolkata-headquartered ITC Limited announced that it plans to invest around $2 billion (₹14,851) as part of its “ITC New” strategy, which aims at exploring opportunities to craft “disruptive business models.”
“We are looking at medium term, we are looking at about $2 billion. That’s the kind of figure we have. And, of course, inorganic is something that cannot be sized depends on library dollars”, the Chairman and Managing Director (MD), Sanjiv Puri, of the business conglomerate stated in a virtual press conference.
He added, “We have to beef up capacity to meet demand and also invest to remain competitive for which technology has to be upgraded and the quality has to be upgraded.”
Puri continued saying that there were new vectors of growth like the Super App, paperboard, single-use plastic substitutes for sustainable packaging. The MD also said that digital and sustainability were witnessing higher traction.
Furthermore, ITC is looking for acquisitions as part of its expansion plans and has identified certain future consumer trends and would move ahead with an opportunity that aligns with such areas while being value accretive.
Regarding the segment of hotels, ITC would have an asset right strategy. The company already has 12 properties under the Welcome brand and expects to take the number to 20 by the end of the year.