ITC to invest ₹20,000 cr in domestic manufacturing

DIVERSIFIED CONGLOMERATE ITC remains committed to the domestic market and will prioritise building its presence in India before expanding globally, CMD Sanjiv Puri said on Friday.

- VIVEAT SUSAN PINTO

This 'Bharat-First' strategy, Puri said, would see the company scale up its production across sectors with an investment outlay of ₹20,000 crore in the medium term. The investment would help the cigarettes-to-consumer goods firm harness value accretion through new brand launches while reinforcing its footprint across the country.

"This is truly India's moment, and one that ushers in opportunities emerging from policies of the government as well as the country's young demography, increasing disposable incomes, rapid urbanisation, accelerated digital adoption and entrepreneurial spirit," he said, addressing shareholders at the company's 114th annual general meeting (AGM).