ITC to get into new FMCG goods

Kolkata: Kolkata-headquartered diversified conglomerate ITC Ltd plans to expand its non-cigarette FMCG portfolio with new FMCG products. The company is open to acquisitions also towards this goal. ITC is actually keen on capitalising on the innovative capabilities of some emerging start-ups and will acquire start-ups operating in the FMCG space to bolster growth. The company is also making investments in start-ups with the intention of developing new cutting edge products, ITC Chairman Sanjiv Puri said on Friday.

ITC will foray into new categories and sub-segments in the fast moving consumer goods vertical which will be supported by multi-dimensional investments and strategic opportunities for acquisitions, Puri said while addressing the company's shareholders at its annual general meeting. At present, nearly 25 per cent of ITC’s segment revenue comes from newer FMCG businesses under the non-cigarette portfolio. The segment’s Ebitda at Rs 688 crore in the last fiscal year, rose by 51 per cent year-on-year.