ITC
The accused in the ITC racket was sent to judicial custody.
The key accused in a Rs 17 crore input tax credit (ITC) racket, Jignesh Desai, has been sent to judicial custody after being arrested by the Surat Zonal Unit of the Directorate General of Goods and Services Tax Intelligence (DGGI). Desai, a director of the Mumbai-based iron and steel scrap trading company, Mindsmatter Consulting Pvt Ltd, was produced in court late in the evening and sent to judicial custody. He was accused of running a racket that involved claiming and passing on ITC worth Rs 17 crore to various non-existent firms.
The investigation revealed that Desai claimed and passed on ITC worth Rs 17 crore to 25 non-existent firms, with majorities of suppliers and buyers being non-existent. The racket, which continued for the past couple of years, was discovered by the DGGI, which found that no goods were supplied, and transactions were only shown on paper to claim ITC. The DGGI will issue notices to connected firms and individuals for further investigation.
Desai, a resident of Surat, operates his company from Mumbai and has been accused of claiming ITC worth Rs 17 crore in just a few years. He allegedly exploited the tax system by showing false transactions on paper and passing on the ITC to non-existent firms. The DGGI’s investigation into this case has uncovered a significant fraud and is likely to lead to further investigations and possibly more arrests.
Itc Foods’ Aashirwaad Soya Chunks launches a new TV advertising campaign featuring two celebrity couples, Subhashree and Raj, and Archita and Sabyasachi.
ITC Foods has launched a new television commercial (TVC) campaign for Aashirvaad Soya Chunks, featuring celebrity couples Subhashree Ganguly and Raj Chakrabarty, and Archita and Sabyasachi. The campaign, created by McCann, showcases the couples’ chemistry as they cook and enjoy meals made with Aashirvaad Soya Chunks in the kitchen. The taglines “Juicy Jomjomati, Soya Fatafati!” (Bengal) and “Juicy jete, Badiya Sete” (Odisha) aim to reach homemakers in West Bengal and Odisha.
The campaign highlights the joy of shared moments over wholesome meals, emphasizing the distinctiveness of Aashirvaad Soya Chunks. According to Anuj Rustagi, COO of Staples and Adjacencies, ITC Ltd., “Aashirvaad Soya Chunks is a product that embodies our commitment to providing high-quality, nutritious, and delicious food options for Indian households. This campaign beautifully captures the joy of shared moments over wholesome meals, showcasing the vibrant chemistry between the couples to convey the distinctiveness of this innovation.”
The campaign is aimed at homemakers in West Bengal and Odisha, positioning Aashirvaad Soya Chunks as a product that brings people together over delicious and healthy meals. The TVCs are designed to create an emotional connection with the audience, making the product more relatable and desirable. With the new campaign, ITC Foods seeks to strengthen its presence in the market and cement Aashirvaad Soya Chunks as a favorite among Indian households.
Rumors are circulating that India’s iconic MTR Foods, a beloved staple in Bengaluru, may be on the verge of being acquired by ITC Ltd, according to a recent report.
MTR Foods, a renowned brand in Bengaluru, India, is reportedly in advanced discussions with ITC Ltd to be acquired. This move is seen as ITC’s strategic effort to strengthen its presence in the South Indian food market by acquiring a well-established brand. MTR Foods, founded in 1924, is a hallmark of authentic South Indian cuisine, with its iconic restaurant on Lalbagh Road in Bengaluru attracting customers eager to try its signature dishes such as Benne Masala Dosa, soft idlis, and Rava Idli.
MTR Foods is known for its commitment to quality and tradition, with a strong focus on vegetarian principles and high hygiene standards. Its reputation has earned it a loyal following, with customers returning for its legendary food and nostalgic experience. The brand has expanded globally, with a presence in countries like Singapore and Dubai, but its historic Bengaluru location remains the most cherished spot for many.
The acquisition of MTR Foods is part of ITC’s plan to expand its reach nationwide, with a possible deal also in the works for Eastern Foods, a leading spice manufacturer. This would be a significant milestone for ITC in solidifying its position in the Indian food market. For MTR Foods, this partnership could bring new opportunities for growth and expansion, while maintaining its commitment to quality and tradition.
FMCG giants like HUL, ITC, and Dabur are making a significant investment in advertising for the Maha Kumbh festival.
The confluence of faith and devotion, Maha Kumbh, has completed one month, attracting millions of devotees to Prayagraj, Uttar Pradesh. While the event is a significant spiritual gathering, it has also become a lucrative opportunity for brands to advertise and market their products. Many fast-moving consumer goods (FMCG) companies, such as Hindustan Unilever (HUL), Britannia Industries, Amul, Dabur, and ITC, have taken advantage of the event to showcase their brands.
According to Vritti Mindwave Media, the official advertising licensee, FMCG companies have been investing in various branding, marketing, and CSR activities. HUL, for instance, has participated in various activations, including distributing bags with two compartments to women bathing at the Ganga river and running anamorphic advertisements on vans and billboards. Dabur has introduced Pass Pass, Pulse, and Catch-branded boats, bags, and kalashes for pilgrims.
The cost of brand activation at Maha Kumbh varies, with costs ranging from Rs 5-10 lakh for CSR activities and Rs 3-5 lakh for producing an anamorphic video. FMCG giants have also used high-profile LED displays at Prayagraj railway station to reach pilgrims, with brands paying upwards of Rs 1.5-2 lakh for a single spot.
Brands have also adopted creative measures to engage with pilgrims, such as ITC’s distribution of 1 lakh Mangaldeep jalbattis and Adani Fortune Foods’ introduction of “Ahar Kumbh” to bring the flavors of home-cooked food to pilgrims. Reckitt-owned Dettol has trained 15,000 sanitation workers and made soaps accessible to them at the Kumbh.
The Confederation of All Indian Traders estimates that Maha Kumbh will generate Rs 2 lakh crore in business over 45 days, with the food and beverages sector and religious offerings contributing Rs 20,000 crore each. With its massive scale and reach, Maha Kumbh has become an attractive platform for brands to connect with a large number of people and promote their products.