With the launch of ‘Sunfeast Dark Fantasy Choco Fills’ in Nepal, ITC’s FMCG business has now expanded its export footprint and has reached to over 70 countries. Earlier in August 2023, the subsidiary of ITC in Nepal, Surya Nepal Private Limited commissioned a biscuit manufacturing line facility near Biratnagar in eastern Nepal.
Additionally, the company is also exploring its strategic opportunities in proximal markets as a potential vector for growth. In its annual report, ITC said that the PLI scheme continues to be leveraged to scale-up exports across biscuits and cakes, snacks, dairy and ready-to-eat categories. There is no doubt that exports of the packaged food is the key focus for ITC as the equity of brands including Aashirvaad, Sunfeast, ITC Master chef and Kitchens of India are being leveraged by the company in order to scale up its exports at an accelerated pace in the focus market such as US, Canada, among others.
Not only ITC’s FMCG business but the export of the company’s agri business has also expanded to over 85 countries. The business has recently scaled up its presence in markets including the USA, EU and Japan. ITC has established itself as a leading player in spices such as chilli, turmeric, coriander and cumin.
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In addition to this, the business has also scaled up its Organic and Integrated Crop Management (ICM) programmes, thereby enhancing its ability to produce ‘food safe’ spices in a sustainable manner. The business further continues to partner with various State Governments for production of ‘food safe’ spices and has maintained an unblemished track record over the years in terms of compliance with stringent food safety parameters.
Notedly, the company’s capacity utilisation of the state-of-the-art spices processing facility in Andhra Pradesh has been ramped up to expand its customer base in food safe export markets, besides promoting inclusive spices value chains benefiting thousands of Indian farmers.
ITC is also one of the leading exporters of value-added frozen marine products from India with expertise in processing individually quick-frozen (IQF), raw and cooked products, adhering to the highest standards of safety and hygiene prevalent in developed markets such as the US, EU and Japan. During the year, ITC has emerged as one of the top three exporters of frozen shrimps from India to the EU market by expanding its footprint in sustainably sourced shrimps leveraging the Aquaculture Stewardship Council (ASC) programme.
Growing foreign exchange
When it comes to foreign exchange earnings of the ITC Group, the conglomerate said that foreign exchange earnings aggregated nearly $9.3 billion over the last ten years, of which agri exports constituted approximately 60 per cent. Earnings from agri exports, which effectively link small farmers with international markets, are an indicator of ITC’s contribution to the rural economy. During FY 2023-24, ITC and its subsidiaries earned Rs 9512 crore in foreign exchange. The direct foreign exchange earned by ITC stood at Rs 7213 crore, mainly on account of exports of agri-commodities.
From: financialexpress
Financial News
