Tobacco-to-toiletry conglomerate ITC Ltd’s chairman YC Deveshwar said on Friday its fast moving consumer goods ( FMCG) business will become profitable before he retires from the company.
“Before I hang up my boots, the non-tobacco FMCG business will be profitable," Deveshwar told shareholders at the 100th annual general meeting of the company here.
The shareholders extended Deveshwar's tenure as ITC chairman by five years with effect from February, 2012.
Deveshwar said ITC, which has FMCG interests in foods and toiletry would shortly venture into the dairy sector. “Our first project will be at Munger in Bihar. We wanted to enter this segment two years back, but somehow we could not,” he said.
Deveshwar expressed regret ITC’s ‘helplessness’ in making investments in West Bengal. “Land is a major issue in West Bengal,” he said.
He also said ITC’s Rs 23,000 crore five-year investment plan five announced last year is not proceeding fast enough. “We are not happy with the pace of implementation of the projects,” he said. “There are a plethora of external reasons for it.”
(With PTI inputs)