ITC to enter dairy business

The performance of the cigarette business during the quarter reflects the extremely challenging operating environment for the legal cigarette industry in India which is facing unprecedented pressure on sales volumes, it said.

He said ITC Ltd. has emerged as one of the fastest growing consumer goods company over the last 10 years and its packaged food portfolio has expanded substantially.

The company had paid Rs.27,000 crore during 2014-15 to the exchequer in the form of various taxes.

“Why should our airports sell duty free cigarettes”, company chairman Y.C. Deveshwar asked at the Annual General Meeting here. For instance e-commerce companies are losing cash as they are in the process of building market position.

“I wonder some NGOs are acting as agents of overseas cigarette companies helping smuggling of cigarettes into the country”.

Deveshwar said while much was being done in terms of ease of doing business, it was equally important to create a “shared vision of responsible competitiveness among the regulators and developers of industry”.

“Altogether, a Rs.3,500 crore investment has been lined up for the state”, he said.

With its cigarette business coming under increased regulations, ITC is seeking to grow its new FMCG businesses and is aiming to achieve Rs.

The statement further revealed that the group’s net sales have also declined by 7.18 per cent to Rs 8,505.53 crore for the quarter under review as against Rs 9,164.42 crore during June quarter of the previous fiscal.

ITC was envisaging an outlay of Rs 25,000 crore across 65 projects in the country.