Calcutta, March 5: ITC Foods, a division of the tobacco giant ITC Ltd, has set an ambitious target of crossing the Rs-500-crore mark in turnover in the next five years.
Speaking to The Telegraph, ITC Foods chief executive Ravi Naware said the main strategy for growth is to satisfy the aspirations of the quality conscious consumers for branded packaged foods.
The branded packaged foods have a huge potential in India, but not even 5 per cent has been tapped so far. Our focus is to tap this potential and grow, he said.
The one-year old outfit has already carved out a niche for itself in the packaged food market with its offerings comprising confectioneries, snacks, staple products and ready-to-eat-food.
We are going to make huge investment, that may run into hundreds of crores of rupees in the next five years, to build the brand. Our aim is to become market leader in every category where we operate, he said.
ITC Foods forayed into the confectionery segment June last following the acquisition of Candico which had a minto product.
The company had merely 4 per cent market share at the time of acquisition. Now the product, which has been positioned as an adult confectionery, is almost neck and neck with its closest rival with over 40 per cent market share, he said.
Naware pointed out that the division has launched two more flavours, orange and lemon, to offer variety to the consumers.
With our huge sales network of more than million outlets, we have been able to penetrate across the length and breadth of the country. Moreover, the product has been packaged attractively and supported by a well-conceived campaign, he added.