ITC Ltd announces Rs 20,000 crore investment across businesses

In a significant move, ITC Ltd is set to invest Rs 20,000 crore in the medium term across various sectors, Chairman and Managing Director Sanjiv Puri revealed at the company's 113th annual general meeting on Friday. Despite facing economic challenges, Puri highlighted the company's strategic investments aimed at enhancing competitiveness and building a future-ready enterprise.

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Puri emphasized ITC's unwavering confidence in India's growth story, reflecting this in the substantial investment outlay. Though details on the specific plans were not disclosed, Puri assured that the investments would support the 'Make in India' vision by developing world-class infrastructure and ecosystems.

Over the past two years, ITC has significantly expanded its portfolio, investing in three luxury hotels, eight state-of-the-art manufacturing facilities, and doubling the distribution of its FMCG products. Current projects include two manufacturing facilities and an IT & knowledge centre. The company has also opened 32 hotels in the last 24 months, bringing the total to nearly 140 properties. A robust pipeline of managed properties is expected to expand this to over 200 hotels, driving substantial employment generation.

ITC aims to make significant strides globally, particularly in neighboring markets. Puri noted that ITC’s brands now reach over 100 global markets, with foreign exchange earnings doubling to over Rs 9,500 crore since FY20.