ITC will invest Rs 5,000 crore (Rs 50 billion) in the virtual network, e-Chopal, to give it a "physical" shape in the form of Choupal Sagars.
Addressing a press conference, Y C Deveshwar, chairman, ITC said over 7 to 10 years, the company would create a network of 20,000 e-Choupals and over 700 Choupal Sagars, entailing investment of Rs 5,000 crore, thereby, extending coverage to 100,000 villages.
For every 25-30 e-Choupals, there would be one Choupal Sagar. The Choupal Sagars would be complete with hypermarkets, fuel station and health centre.
Deveshwar said, around 40 companies would be partnering with ITC for marketing their products.
The Internet-enabled e-Choupal now had about 5200 installations covering nearly 31,000 villages and serving over 3 million farmers.
Deveshwar highlighted the role of the ITC e-Choupal network and the Sagar model to boost rural commerce, as well as the ITC social farm forestry programme as steps that created value across the triple bottomline.
ITC will stick to its pursuit of the triple bottomline approach, centered on commitment as a corporate citizen to contribute to the nation's economic, social and ecological capital, Deveshwar said at the annual general meeting on Friday.
ITC has invested nearly Rs 4,300 crore (Rs 43 billion) have been invested since 1996 on its businesses, supported direct employment for over 28,000 people and spawned indirect employment opportunities for nearly 5 million people, Deveshwar said, through engagement across value chains spans the farming community, small shop owners and enterprises in the small, medium and cottage sectors, SME vendors.
It will invest Rs14,000-15,000 crore (Rs 140-150 billion) in the coming years to further enlarge its contribution. However, ITC would like reform of critical legislation to accelerate development and growth.
Critical legislative reform priorities include amendments of the Essential Commodities Act and related subordinate legislation, and Agricultural Produce Marketing Committee Acts in line with the Model Act to provide choice of market channels to farmers, Deveshwar told shareholders.
The amendments need to be supported with effective enforcement so that intended benefits are not disrupted by vested interests.
