ITC, a Kolkata-based FMCG company, is looking to expand its brand portfolio and drive growth through acquisitions and new product launches. The company has launched several new products in the past few years, including dairy, spices, and adult nutrition products. Hemant Malik, Executive Director of ITC’s food business, said that the packaged food category is growing and that the company is well-positioned to capture this growth. He also mentioned that the company is open to acquiring brands and is evaluating several opportunities. ITC has spent around ₹2,150 crore on acquisitions in the past, including the acquisition of Sunrise Foods Private Ltd and Sproutlife Foods Private Ltd.
The company plans to continue launching new products, including premium products, and is focusing on capturing growth from emerging markets such as Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh, and Rajasthan. ITC aims to fortify and scale its mega food brands, including Aashirvaad, Sunfeast, Bingo, and Yippee, and is exploring adjacent categories and future-focused investments. The company’s FMCG business reported revenues of ₹20,967 crore in FY24, a 9.6% increase over the previous year.