ITC Ltd.

ITC aims to outrun Nestle and Britannia as the leader of India’s packagedfoods industry in the next two-three years, crowning the two-decade transformation of the century old tobacco giant into a diversified consumergoods company. The formula for dominance in the increasingly competitive packaged foods industry would be accelerated introduction of new products, and entry into seven-eight newer categories, divisional chief executive for foods business Hemant Malik said. ITC is evaluating staples and edible oil, health foods, and value-added dairy products as categories it might enter. It plans to introduce about 40 new food products in the next year and sell premium chocolates and coffee through retail chains and online stores. Malik said the 40 new differentiated products will not only be variants, but also new products. ITC’s foods business is expected to be the majority contributor to its goal of achieving a turnover of Rs 1lakh crore from its non-cigarette FMCG businesses by 2030. The company is expecting Rs 60,000 crore to Rs 65,000 crore will be generated from the foods business by then.