COMPETITIVENESS - THE COMPELLING AGENDA
Article Abstract:
The performance of ITC Limited in 1997-98 was revealed by the Chairman, Mr YC Deveshwar, at the company's 87th annual general meeting on August 12, 1998. Its gross turnover rose by 16 percent at Rs6,834 crore, foreign exchange income by 20 percent at Rs759 crore and the net profit by 52 percent at Rs526 crore. Its operating income was Rs240 crore. It came out of its financial services and edible oils business during the year to focus more on its core areas of tobacco and cigarettes, hotels and tourism, packaging and printing and paperboard. In tobacco and cigarettes, ITC Ltd plans to mainly concentrate on crop development to enhance the quality and farm productivity. Around Rs375 crore will be invested on leaf processing plants and modern storage facilities, Rs900 crore on modernisation of cigarette plants in the next 5 years. Brands at the upper end of the market would be strengthened according to the needs of the consumer. In the hotels and tourism sector, investment of Rs1,200 crore in the Welcomgroup chain and ITC Hotels Ltd in the next 5 years has been envisaged. In packaging and printing, ITC plans to position the business as the premier supplier of creative packaging solutions and tap the rising potential in the food and personal care products segments. In the paperboards industry, ITC Bhadrachalam Paperboard Ltd will invest Rs150 crore to make products of international standards of quality. (gsh)
Comment:
Posts gross turnover of 16% to Rs6,834 crore, foreign exchange income by 20% to Rs759 crore & net profit by 52% to Rs526 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SAURABH MISRA TO QUIT ITC, JOIN BMC AS DIRECTOR
Article Abstract:
Saurabh Misra, now Deputy Chairman of the ITC group, is to join the Birla Management Group (BMC) as a director in the third week of April 1999. He will be stationed in Mumbai. He is expected to oversee the AV Birla group's telecommunication business, HGL Industries and SL Mining. (uh) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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