At the ITC's 98th Annual General Meeting on Friday (24th July 2009) the company's Chairman Mr Y C Deveshwar announced that the company is looking at two key businesses for future expansion. These two are paper and hotels. He mentioned that they are already on the lookout for land for setting up of greenfield paper manufacturing plant. He added that while the funding was not an issue, the process was on for looking for 1,500 to 2,000 acres of land for the plant. The shortlisted states for the project are - Andhra Pradesh and Gujarat.
The Hotel business - the other area of interest - is being keenly pursued. The industry had been hit by the recent downturn and is on its way to revival.
FMCGs is the third area of interest while the cigarette business is expected to be downplayed. Though the company has no plans to exit the cigarette business for now, it is no secret that the contribution of the same to the overall turnover has been on the decline for the past few years. Read more
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