ITC sees fortune in food, eyes ₹65,000 cr by 2030

NEWDELHI: ITC Ltd has set an internal target of generating ₹65,000 crore from packaged foods by 2030 to reach its goal of generating ₹1 lakh-crore revenue from non-cigarette packaged goods by that time. “ITC’s Foods Division will be a significant contributor to our goal of achieving ₹1,00,000 crore turnover from the new FMCG Businesses by 2030. Our vision is to contribute at least 65% of this turnover,” said Hemant Malik, divisional chief executive (foods), ITC. While the absolute number may seem audacious, ITC’s target may be achievable given its compounded annual growth rate of 17.49% consistently over next 13 years.