At World Food India 2017 ITC LTD signs an MOU with Ministry of Food Processing Industries.
Chennai, November 3, 2017: ITC Limited, India’s leading FMCG major today signed an MOU with the Ministry of Food Processing Industries, Government of India to invest a sum of Rs. 10,000 crore in the food processing sector in India. As part of the Rs. 10,000 crore investment plan ITC will be setting up 20 state-of-the-art Integrated Consumer Goods Manufacturing & Logistics Facilities in 12 states across India. At these facilities, the company would be manufacturing its world-class branded food products, including Aashirvaad atta, Sunfeast biscuits, YiPPee! noodles, Bingo! snacks, B Natural juices, and processed fruits and vegetables.
ITC is the PlatinumSponsor for World Food India 2017 with strong presence and participation in thefirst-of-its kind event to showcase India’s food sector potential. ITC’scontribution includes participation in the World Food Street where visitors cansavour cuisines using Indian ingredients, a gala dinner showcasing the finestIndian cuisines by ITC Hotels to national and international dignitaries and anexhibition displaying the company’s full range of farm to consumer value chain.
Commenting on theoccasion, Mr. Sanjiv Puri, CEO and Executive Director, ITC Ltd, said, “With apopulation of 1.3 billion, India’s consumption market is projected to triple to$4 trillion by 2025 with the bulk of expenditure going into food products.Improvement in agricultural yields and increase in the level of processing fromthe current 10% to 30% can increase the GDP by as much as 5-fold.” “ITC with astrong legacy of working closely with the farmers and a vision to be thelargest food and consumer products company in India, is well placed to make astrong contribution towards this transformation story of the country’s foodprocessing sector”, he added.
In addition, thesefacilities will become the epicentre for the development of integrated andcompetitive agri-food value chains with programmes for farmer empowerment andclimate-smart agri development across the ITC e-Choupal network. Once ready,these facilities would be a shining example of the Government’s Make in Indiavision in the food sector. Further, through 360 degree interventions and bystrengthening the agri-value chains, ITC would be empowering 10 million farmersby 2030. ITC is today the 3rd largest player in the branded packaged foodssegment and has set an ambitious target to reach a revenue of Rs. 1,00,000crores by 2030 and become the no. 1 player in the consumer FMCG space. Fuellingthis vision is an overall investment outlay of Rs. 25,000 crores in furtheranceof the company’s “India First” strategy.
ITC's brandedpackaged foods business is one of the fastest growing foods businesses inIndia, driven by the market standing and consumer franchise of its popularbrands - Aashirvaad, Sunfeast, Bingo!, Yippee!, Kitchens of India, B Natural,Mint-o, Candyman and GumOn. The Foods business is today represented in multiplecategories in the market - Staples, Spices, Ready-to-Eat, Snack Foods, Bakery& Confectionery, Juices & Beverages, frozen foods and the most recentforay into branded fresh Fruits & Vegetables. ITC's Foods brands delightmillions of households with a wide range of differentiated, value-addedproducts developed by leveraging ITC's in-house R&D capabilities, deepconsumer understanding, knowledge of preferred Indian tastes, agri-sourcing& packaging strengths, and an unmatched distribution network.