ITC aims to create multiple Indian FMCG brands: Deveshwar
Kolkata, July 27 (IANS) Conglomerate ITC Friday said it is aiming to create "absolutely vital and vibrant" multiple Indian brands in the fast moving consumer goods (FMCG) segment that can compete in the world market.
The city-based company is also planning to enter the nutrition, heath and wellness segment.
"Why is that nobody in India has been able to build a consumer brand? Because it is very difficult to build a consumer brand. Because once a brand is built, it is very difficult to dislodge a brand. ITC is making an audacious campaign to build Indian brands," chairman Y.C. Deveshwar said at the annual general meeting of the company here.
ITC has interest in businesses spanning from consumers goods, hotels, agriculture, packaging to IT.
The firm Thursday reported a 20.21 percent rise in its net profit at Rs.1,602.14 crore for the first quarter this fiscal, backed by a robust sales across non-cigarette FMCG segment.
"Our aspiration is to create multiplicity of Indian brands. I want to make sure that this company makes absolute vital and vibrant Indian brand, that can compete with the very best in the world," Deveshwar said.
The company's FMCG business touched a turnover of over Rs.5,500 crore in a relatively short span of time. The top line from this segment is expected to triple over the next five to seven years to a level of Rs.15,000 crore.
The company Friday said its state-of-the-art R&D centre in Bangalore was enabling a synergy of research and development capabilities to deliver future products aimed at nutrition, health and well-being.
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