ITC to collaborate with start-ups to launch new products
ITC is actively seeking opportunities with companies emerging as start-ups with the intention of capitalising on their innovative capabilities. As such, the company is determined to acquire companies operating in the FMCG space to bolster growth. It is also making investments in start-ups with the intention of developing new cutting edge products.
The top management of the company revealed that nearly 25 per cent of the company’s revenue is generated from the recently acquired FMCG firms. This includes a basket of 25 brands spread across the businesses of packaged food, personal care, education and stationery, agarbatti as well as safety matches. On the whole, this translates into total consumer spends worth more than Rs. 18,000 crore.
ITC’s distribution network stretches out to an impressive number of retail outlets, that is, six million! More than 50 products were launched in 2018 to enhance the company’s existing categories as well to foray into newer, more lucrative segments.
As such, the company has a robust pipeline of products to cater to the requirements of its consumers and scale up the growth for the FMCG businesses involved.
On Friday, the shares of ITC opened at Rs. 277.50 per share, and hit a high and low of Rs. 277.50 and Rs. 273.20, respectively. At 2:24 pm, the stock was trading at Rs. 276.00, up 0.11 per cent.