FMCG business has biggest headroom for growth: ITC CEO

Diversified conglomerate ITC Ltd said its ‘biggest headroom’ for growth is in the fast moving consumer goods business, where it can leverage internal capabilities.

The soap-to-cigarette maker would explore newer areas progressively, similar to what it did with the recent foray in fruits, fruit juices, vegetables and dairy products. "It is a continuous expansion of our portfolio, which we will strive to do," CEO Sanjiv Puri told reporters on the sidelines of the Horasis Asia meet. "We believe the biggest headroom to grow is in the fast moving consumer goods business. That's where opportunities are the biggest and that's where our internal capabilities can be leveraged," he said.

He said ITC had recently announced an investment of Rs 10,000 crore in food processing, and another Rs 25,000 crore was under progress in various areas. Regarding the impact of GST, Puri said by and large, trade has normalised. There may, however, be some minor issues in the wholesale channel, he added. To encourage the use of sustainable energy through non-conventional resources, BHEL Haridwar is setting up a 5 MW grid interactive Solar PV power plant near its 132 KV sub-station. General Manager (Incharge) HEEP, Sanjay Gulati and General Manager (Incharge) CFFP, Rajiv Mehra performed the ‘Bhoomi Pujan’ of this ambitious project here at Haridwar.

Addressing the gathering, Gulati said that sustainable energy produced from nonconventional resources is the future of power in India. He said that preservation of the environment is the need of the hour and enhanced focus on production of green energy is the best way out. Government of India is also promoting renewable energy infrastructure in the country in a big way, he added. Rajiv Mehra said that current scenario in the country is favourable to addition of clean energy projects like solar power plants. Indian Coast Guard is constantly evaluating the place where the ‘SCI Ratna’ sank. The company in its statement said that the location where ‘SCI Ratna’ sank is under constant watch for marine pollution.“The Indian Coast Guard has also been observing the area since the day of the incident,” SCI stated. In addition to SCI’s own assessment, the Indian Coast Guard has also reported Nil traces of oil sheen or debris at the site. Buyer Seller Meet (B2B) and Exhibition of Powerloom products and textiles was inaugurated by the Textile Commissioner, Kavita Gupta, IAS recently at Dadar (E). It shall remain open till today. Union Textile Ministry has recently announced Solar Energy Scheme for small powerloom units, on Grid Solar Photo Voltaic Plant (without battery backup) and Off Grid Solar Photo Voltaic Plant (with battery backup),where government will provide Rs 2.50 lakh subsidy per unit. This will help the unit to pay back bank loans within 3-4 years, stated Textile Commissioner, Kavita Gupta. There are no awareness of government promotional schemes in Powerloom Industry. Only Gujarat and Tamil Nadu units are taking maximum advantage of these schemes. The Government has increased the rate of duty credit scrips issued under the Merchandise Exports from India Scheme (MEIS) from 2 per cent to 4 per cent. The Government has also notified the post GST rates of RoSL (Scheme for Rebate of State Levies) on export of garments and Made ups vide Ministry of Textiles Notification dated 24.11.2017 . The RoSL rate for Cotton made ups have been increased from 1.55 per cent to 2.20 per cent. Welcoming both these measures, Ujwal Lahoti, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL) said,“The increase in the MEIS entitlement and RoSL rate has come as a huge relief for exporters from the made ups sector who are currently passing through difficult times.”