Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessCompanies

ITC to foray into fruits, vegetables and perishables items

The Kolkata-headquartered firm is also looking to invest in farming of aromatic and medicinal plants.

July 28, 2017 / 10:03 PM IST

Diversified conglomerate Indian Tobacco Company (ITC) is entering into the fruits, vegetables and other perishables segment as part of its drive to build an agri-based industry for the future, its chairman Y C Deveshwar said today.

The Kolkata-headquartered firm is also looking to invest in farming of aromatic and medicinal plants.

ITC has started working on creating the infrastructure for it and is investing in its supply chain.

"ITC has decided to foray into the fruits, vegetables and other perishables segment. This would help address India's massive agri-wastages that deprive farmers of a potentially large income source," Deveshwar said in his AGM speech.

The move is aimed at providing options to consumers and consumers alike.

"Such fresh, frozen and dehydrated agri-products will provide high-qualityy options to consumers, creating an agri- value chain that will help farmers diversify crop production as well as manage wastage," he added.

Addressing shareholders, Deveshwar said investments are underway to create climate-controlled infrastructure for an efficient supply chain to unlock the potential latent in this area.

The company, which has recently launched Frozen Prawns under its ITC Master Chef brand, will soon extend it to pan India.

"This high-quality 'Super Safe' prawns leverage ITC's 45-year legacy in exporting to the most exacting markets of the world," Deveshwar said.

The company is working in the rural areas with the farmers from the year 2000 through its network of e-Choupal and over 4 million farmers have benefited from this initiative so far.

first published: Jul 28, 2017 09:51 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347