ITC to Invest Rs 20,000 Crore in Medium Term, Says Chairman Sanjiv Puri

ITC Chairman Sanjiv Puri announced a Rs 20,000 crore investment to enhance the conglomerate's structural competitiveness and future prospects. Addressing shareholders, he lauded India's fast-growing economy and noted significant growth in non-cigarette revenues. Despite pandemic challenges, ITC's various business sectors have shown remarkable recovery and strong performance.

ITC Chairman Sanjiv Puri on Friday unveiled a bold investment plan, announcing that the multi-conglomerate will allocate Rs 20,000 crore in the medium term to bolster structural competitiveness and forge an enterprise for the future.

Speaking to shareholders at the annual general meeting, Puri expressed unwavering confidence in India, underscored by the substantial investment outlay. He highlighted the nation's 'standout performance' as the world's fastest-growing major economy, pointing to its promising future.

The company's robust performance is evident in its overall revenue growth of 10.8% CAGR over the past four years, reaching approximately Rs 79,000 crore. Non-cigarette revenues soared at an 11.6% CAGR, now constituting about 65% of net revenue. Despite pandemic-induced setbacks, ITC's hotel and cigarette businesses have rebounded impressively, with revenues and volumes surpassing pre-pandemic levels.

(With inputs from agencies.)