ITC to work with startups to develop new products

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ITC Ltd chairman Sanjiv Puri said the company is engaging with the startup ecosystem to gain from their vibrant innovative capabilities and also making investments.

Addressing shareholders in the company’s 108th annual general meeting, Puri said ITC is also keen to acquire companies in the FMCG business to accelerate growth. The investment into startups is to develop new products.

“Today, around 25% of ITC’s segment revenue is from the newer FMCG businesses,” he said.

ITC currently has a bouquet of 25 brands in the newer FMCG businesses across packaged food, personal care, education and stationary, agarbatti and safety matches. The total portfolio of these brands have an annual consumer spend of over Rs 18,000 crore.

Puri said ITC’s distribution network reaches out to six million retail outlets. “Over 50 products were launched last year to strengthen existing categories and enter new segments. A strong pipeline of products is constantly being readied for progressive launch to continue delighting our consumers and create new levers of growth for the FMCG businesses,” he said.

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