ITC has decided to manufacture the food products it currently sells. So long, ITC had outsourced the products.
It was looking at establishing 4-5 manufacturing facilities across the country. For starters, the company would set up a manufacturing facility for biscuits and confectioneries and ITC is scouting for location.
Ravi Naware, divisional chief executive, ITC Foods Division, said, the company was evaluating 3-4 locations and the first would be set up in 12 months' time.
In the long term, the company planned to set up 4-5 such manufacturing facilities.
Naware said, in three years' time, the company would have 4-5 facilities up and running in the country.
A single facility could cost upwards of Rs 50 crore (Rs 500 million) which implied that the company would invest Rs 200-250 crore (Rs 2-2.5 billion) in the facilities.
Naware said, the facilities would be across the different segments that ITC Foods operates in and across geographies.
He explained, for foods it was not a good idea to be very far the place of manufacturing and hence the company as a policy would like to have regional capacities on a regional basis.
ITC Foods currently operated primarily four segments -- staples, confectionery, ready to eat foods and snack foods.
Naware said, there were no plans to venture into new segments this fiscal. The company would endeavour to consolidate its position in the segments it operates in.
Naware said, ITC Foods had 75-80 products in its portfolio and the company would increase the number of products to more than 100, this year.
ITC was expecting to clock in a turnover of Rs 800 crore (Rs 8 billion) from the foods business, this year, as mentioned by chairman Y C Deveshwar in his speech at the company's annual general meeting.
Exports were also expected to pick up.
At present, the company exports products under the "Kitchens of India" brand to the US, Canada, UK, Switzerland and Australia.
'Kitchens of India' presents its range of exotic ready-to-eat cuisines. Each one of the delicacies has been created by the Master chefs of ITC Hotels, Naware said, there were plans to tap new markets like South Africa, New Zealand and south-east and west Asia.
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