ITC foods introduces salt
The Economic Times - 05 Apr 2003
Close on the heels of announcing a Rs 1,000
crore investment in its agri business, tobacco major ITC on Friday introduced salt in the
staple segment, as part of its efforts to clock a Rs 500 crore sales in five years. Salt
is the second offering from ITC Foods’ staple business in the past 10 months, under
the brand name of "Aashirvaad", ITC Foods divisional chief executive Ravi Naware
told a news conference here. The foods division, which came into being last year, targets
a turnover of Rs 500 crore in the next five years, he said, adding that "ITC Foods
will grow both ways – organically and through acquisitions". ITC has already
submitted an Expression of Interest in the divestment of Maharashtra Agro and Fruit
Process Corp (Mafco) and is open to more acquisitions to push growth. Prior to the launch
of salt, the company had introduced "Gharana" brand of ready-to-cook dishes
under "Kitchens of India" range.
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