ITC to invest up to Rs 15,000 cr for expansion
"An investment of up to Rs 15,000 cr would be made in the next two years to enlarge ITC's economic contribution.india Updated: Jul 21, 2006 14:57 IST
Business giant ITC Ltd on Friday said that it would be investing up to Rs 15,000 crore in the next few years to expand its business.
"An investment of Rs 14,000-15,000 crore would be made in the next two years to enlarge ITC's economic contribution," ITC Chairman YC Deveshwar said.
Deveshwar also hinted that a major portion of the new investment would go into expanding the e-choupal network.
Nearly Rs 5,000 crore would be invested to increase the e-choupal infrastructure to more than 6,000 installations covering one lakh villages and 3.5 million farmers.
The e-choupal business is rapidly developing into a reliable source for the two-way flow of goods and services in rural markets, he said.
Digital infrastructure for e-choupal is being supplemented with a phased roll out of the Choupal-Faagars, which are basically designed as village super markets to serve as a hub for a cluster of villages, he added.
He said that while 10 Choupal Faagars are already operational, an additional nine are in advanced stages of completion.
"The rural retailing intiative will be scaled up by another 40 Choupal Faagars in 12-18 months," he said.