ITC denies cornering wheat

KOLKATA: ITC Limited on Friday strongly refuted allegations of cornering wheat, causing the food grain prices to rise, saying that the company was buying the food grain for its internal use only.

Responding to a query by a shareholder at the company's AGM about media reports on a number of companies including ITC cornering wheat leading to a price rise, ITC Chairman Y C Deveshwar said: "We are not hoarding wheat, whatever we are buying from the market is for our own consumption."

The ITC chairman said that company used wheat in its branded atta, biscuits and branded pasta and whatever ITC was purchasing from the market was only to meet its requirements.

Deveshwar, however, also emphasised that buying and selling of wheat was not illegal in the present age. "Still we are a responsible company and whatever we do, we do responsibly."

He also said that ITC purchased wheat through its e-choupal network and the company was the actual user for its FMCG products.

There have been allegations from different quarters in recent weeks that some big companies were buying wheat from the market leading to shortage and price rise prompting the government to allow import of the wheat.