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ITC completes 100 years
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Wednesday, 25 August, 2010, 08 : 00 AM [IST]
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Diversified conglomerate ITC completed 100 years yesterday. In its next innings the company aims to enter into operations with significant investments in cutting edge research and development.
ITC began its journey in 1910 with British-owned Imperial Tobacco Company making cigarettes in then Calcutta. Today, the company boasts of a market capitalisation of Rs 1,00,000 crore. “The pride of building an Indian enterprise valued at over Rs 1,00,000 crore in market capitalisation is matched by the fulfilling satisfaction that your company has made substantial contribution to enhancing economic, environmental and social capital for the nation,” said ITC chairman Y C Deveshwar in his message to shareholders.
Today, the company has presence in FMCG, hospitality, paper and packaging, agri-business and information technology.
"As we step into the next century, it is my belief that ITC's journey to the future will be even more exciting. It will be powered by our businesses for tomorrow, our cutting edge R&D and technology and the dedication our world class human capital,"said Deveshwar, who took over the reins of the firm in 1996.
The company said it was already poised on the frontline of multiple businesses for future growth.
In 1956, the company started the process of Indianisation with Indian shareholding at 6%. ITC was the first company in India to start phased Indianisation of capital. In 1970, public participation rose from 6% to 25%. In 1974, the company changed its name to ITC Ltd, in line with its unfolding diversification plan.
In the same decade the company began diversifying by foraying into the hospitality and paperboards business.
With liberalisation in India in the early '90s, ITC exploited the opportunity by expanding its business and entered segments like personal care products, lifestyle apparel, branded packaged foods, education and stationery.
The company witnessed an array of activities happening from the year 2000 onwards, starting with the path breaking e-choupal initiative in Madhya Pradesh. It entered the food business with branded atta “Aashirvaad” in the year 2002. In the following year, it launched confectionery brand “mint-o.”
Today, the company has a revenue of Rs 26,000 crore with a profit after tax of over Rs 4000 crore.
"ITC has assiduously invested in the future," the company said.
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