Entering 101st year of ops, ITC to invest on future technology

NEW DELHI: Diversified conglomerate ITC, which will turn 100 years tomorrow, is looking to make "significant investments in cutting edge research and development" as it steps into the next century of operations.

ITC, which began its journey in 1910 when the British- owned Imperial Tobacco Company started making cigarettes in then Calcutta, today boasts of a market capitalisation of Rs 1,00,000 crore. It has presence in FMCG, hospitality, paper and packaging, agri-business and information technology.

"As we step into the next century, it is my belief that ITC's journey to the future will be even more exciting. It will be powered by our businesses for tomorrow, our cutting edge R&D and technology and the dedication our world class human capital," ITC Chairman Y C Deveshwar said in his message to shareholders.

The company said it is already poised on the frontline of multiple businesses for future growth.

"Significant investments in cutting edge R&D will deliver unique solutions for a better quality of life," he said.

Deveshwar, who took over the reins of the firm in 1996, said: "The pride of building an Indian enterprise valued at over Rs 100,000 crore in market capitalisation is matched by the fulfilling satisfaction that your company has made a substantial contribution to enhancing economic, environmental and social capital for the nation."

ITC, which saw a significant change in the early '70s with the Indianisation of its management, began diversifying in the same decade by foraying into the hospitality and paperboards business.

When liberalisation took place in India in the early '90s, ITC exploited the opportunity by expanding its business and entered segments like personal care products, lifestyle apparel, branded packaged foods, education and stationery.

Today, the company has a revenue of Rs 26,000 crore with a profit after tax of over Rs 4000 crore.

"ITC has assiduously invested in the future," the company said.