ITC forays into branded snacks segment

NEW DELHI: Corporate giant ITC is likely to invest about Rs 350 crore in the next three-four years through its foods division for a foray into the snacks segment, which includes setting up of about three new manufacturing plants across the country.

In a couple of years, we will be investing Rs 150 crore for our foray into the snacks segment. Already, we have invested about Rs 60-70 crore, ITC foods division divisional chief executive Ravi Naware told reporters here.

He said in the next one year one more plant would be set up to add to its existing snacks plant near Haridwar.

Besides, in the next three to four years we are looking at having two more plants to have complete presence in all the regions of the country, Naware said, adding each new plant could cost between Rs 70-100 crore.

The company today launched its snacks brand 'Bingo', which comes in 16 different flavours and is eyeing 25 per cent market share of the Rs 2,000 crore organised snacks market in the next 4-5 years.