The upheaval in Nepal is not going to deter ITC’s plans in the neighbouring country, chairman and managing director Sanjiv Puri said on Friday.
The company operates a cigarette and FMCG manufacturing outfit in Nepal apart from operating hotels. Surya Nepal, where ITC has a 59 per cent stake, is one of the largest corporations in the country, contributing significantly to Nepal’s exchequer.
“This disturbance has not taken away our intent to continue to invest in Nepal,” Puri said at the sidelines of the 124th annual general meeting of the Merchants Chamber of Commerce & Industry.
He argued that in today’s world, corporations have to navigate many challenges. “Uncertainty is never good for business but the way things are evolving all over the world, we are seeing uncertainty manifest in many ways. While it’s not good for business or ease of living, we have to navigate that and continue,” he said.
In FY25, Surya Nepal leveraged its cigarette distribution network to sell biscuits. It also ventured into agarbatti through a subsidiary. ITC also operates a hotel under management contract while another is in the making. “Whatever we are planning will continue to happen on its merits,” he said.
ITC’s plans to build a hotel on its own is in the evaluation stage and a decision would be taken on merit and not be influenced by the disturbances.