ITC Ltd

ITC Ltd

ITC Ltd is one of India's foremost private sector companies. ITC has a diversified presence in Cigarettes Hotels Paperboards & Specialty Papers Packaging AgriBusiness Packaged Foods & Confectionery Information Technology Branded Apparel Personal Care Stationery Safety Matches and other FMCG products. While ITC is an outstanding market leader in its traditional businesses of Cigarettes Hotels Paperboards Packaging and Agri-Exports it is rapidly gaining market share even in its nascent businesses of Packaged Foods & Confectionery Branded Apparel Personal Care and Stationery.ITC's wholly owned Information Technology subsidiary ITC Infotech India Ltd provides IT services and solutions to leading global customers. ITC Infotech has carved a niche for itself by addressing customer challenges through innovative IT solutions. ITC's production facilities and hotels have won numerous national and international awards for quality productivity safety and environment management systems. ITC was the first company in India to voluntarily seek a corporate governance rating.ITC was incorporated on August 24 1910 under the name Imperial Tobacco Company of India Ltd. As the company's ownership progressively Indianised the name of the company was changed from Imperial Tobacco Company of India Ltd to India Tobacco Company Ltd in the year 1970 and then to I.T.C. Ltd in the year 1974. In recognition of the company's multi-business portfolio encompassing a wide range of businesses - Cigarettes & Tobacco Hotels Information Technology Packaging Paperboards & Specialty Papers Agri-business Foods Lifestyle Retailing Education & Stationery and Personal Care - the full stops in the company's name were removed effective September 18 2001. The company now stands rechristened ITC Ltd.During the year first six decades of the company's existence were primarily devoted to the growth and consolidation of the Cigarettes and Leaf Tobacco businesses the seventies witnessed the beginnings of a corporate transformation that would usher in momentous changes in the life of the company. In the year 1925 the company set up Packaging & Printing business as a strategic backward integration for ITC's Cigarettes business. It is today India's most sophisticated packaging house.In the year 1975 the company launched its Hotels business with the acquisition of a hotel in Chennai which was rechristened 'ITC-Welcomgroup Hotel Chola'. In the year 1979 they entered the Paperboards business by promoting ITC Bhadrachalam Paperboards Ltd which today has become the market leader in India. In the year 1985 the company set up Surya Tobacco Co. in Nepal as an Indo-Nepal and British joint venture. In the year 1990 the company acquired Tribeni Tissues Ltd a Specialty paper manufacturing company and a major supplier of tissue paper to the cigarette industry. The merged entity was named the Tribeni Tissues Division (TTD). In the year 1990 the company set up the Agri Business Division for export of agri-commodities. Today the Division is one of India's largest exporters. In the year 2000 the company spun off its information technology business into a wholly owned subsidiary ITC Infotech India Ltd to more aggressively pursue emerging opportunities in this area. Also the company forayed into the Greeting Gifting and Stationery products business with the launch of Expressions range of greeting cards. A line of premium range of notebooks under brand 'Paperkraft' was launched in 2002. To augment its offering and to reach a wider student population the popular range of notebooks was launched under brand 'Classmate' in the year 2003.The company also entered the Lifestyle Retailing business with the Wills Sport range of international quality relaxed wear for men and women in the year 2000. The Wills Lifestyle chain of exclusive stores later expanded its range to include Wills Classic formal wear (2002) and Wills Clublife evening wear (2003). ITC also initiated a foray into the popular segment with its men's wear brand John Players in 2002. The company forayed into the Foods business to create a new driver of business growth. It began in August 2001 with the introduction of 'Kitchens of India' ready-to-eat Indian gourmet dishes. In 2002 the company entered the confectionery and staples segments with the launch of the brands mint-o and Candyman confectionery and Aashirvaad atta (wheat flour). Also the company's philosophy of contributing to enhancing the competitiveness of the entire value chain found yet another expression in the Safety Matches initiative. ITC now markets popular safety matches brands like iKno Mangaldeep Aim Aim Mega and Aim Metro. Bhadrachalam Paperboards Ltd amalgamated with the company effective March 13 2002 and became a division of the company Bhadrachalam Paperboards Division. In November 2002 this division merged with the company's Tribeni Tissues Division to form the Paperboards & Specialty Papers division. In August 2002 Surya Tobacco became a subsidiary of ITC Ltd and its name was changed to Surya Nepal Pvt Ltd (Surya Nepal).In the year 2003 the company entered the biscuits segment with the introduction of Sunfeast. Also the company forayed into the marketing of Agarbattis (incense sticks) in partnership with the cottage sector. The company's popular agarbattis brands include Spriha and Mangaldeep across a range of fragrances like Rose Jasmine Bouquet Sandalwood Madhur Sambrani and Nagchampa. In the year 2004 the company acquired the paperboard manufacturing facility of BILT Industrial Packaging Co Ltd (BIPCO) near Coimbatore Tamil Nadu. In July 2005 the company introduced Essenza Di Wills an exclusive range of fine fragrances and bath & body care products for men and women. Inizio the signature range under Essenza Di Wills provides a comprehensive grooming regimen with distinct lines for men (Inizio Homme) and women (Inizio Femme). In the year 2007 the company entered the fast growing branded snacks category with 'Bingo!'.The company launched 'Fiama Di Wills' a premium range of Shampoos Shower Gels and Soaps in September October and December 2007 respectively. The company also launched the 'Superia' range of Soaps and Shampoos in the mass-market segment at select markets in October 2007 and Vivel De Wills & Vivel range of soaps in February and Vivel range of shampoos in June 2008. In the year 2008 the company repositioned the business as the Education and Stationery Products Business and launched India's first environment friendly premium business paper under the 'Paperkraft' Brand. Paperkraft entered new categories in the office consumable segment with the launch of Textliners Permanent Ink Markers and White Board Markers in 2009. During the year 2009-10 the company launched new variants of 'Gold Flake' and 'Navy Cut Filter Kings' with innovative product features limited edition packs of 'Classic' and launch of new brands like 'Flake Excel Filter' and 'Duke Filter'. The company also launched its premium line of hand-rolled cigars in select markets under the brand name 'Armenteros'. During the year the company launched 'mint-o GOL' in the 'chews' category. In the Agarbattis the company launched a new variant 'Fragrance of Temple' in Tamil Nadu under the 'Mangaldeep' brand which delivers temple aroma. In the personal care segment the company launched 'Fiama Di Wills' Gel Bathing Bar. Also they strengthened the brand 'Vivel' with the launch of the 'Milk Cream & Glycerine' bathing bar in the winter care segment and 'Deo Spirit' in the freshness segment.In October 2009 the company launched the ITC Royal Gardenia a 292 room luxury offering in Bengaluru. It is the largest LEED (Leadership in Energy and Environmental Design) Platinum rated hotel in the world and the first in Asia to achieve this distinction.In the year 2011 ITC Limited proposed invest up to Rs 3000 crore to set up a paper manufacturing unit in Andhra Pradesh as part of its plans to double capacity over the next five years. ITC also entered into lifestyle retailing and the stationery segments through its premium brands Paperkraft notebooks and Wills Sport apparel range. Eventually the company launched mass-appeal brands like Classmate:notebooks and John Players:menswear. ITC opened first premium cigar retail store in Delhi. ITC Ltd also acquired the entire shareholding of Russell Credit Ltd. (wholly owned subsidiary of the Company) in Wimco Ltd. (Wimco) (i.e. 96.825% of Wimco's equity share capital). Consequently Wimco became a direct subsidiary of the Company with effect from September 29 2011. In 2012 ITC Ltd acquired 22606065 Ordinary Shares having no par value of Technico Pty Ltd (TPL) a company incorporated in Australia from Russell Credit Ltd wholly owned subsidiary of the Company. Consequently TPL became a wholly owned Subsidiary of the Company with effect from March 26 2012. In 2013 ITC Ltd has launched a social investment project Mission Sunehrakal (MSK) in Mysore district to conserve soil and moisture. ITC also forayed into the biscuits market with its Sunfeast range of glucose marie and cream biscuits. ITC Infotech becomes the 1st PTC Authorized Training Partner in India. ITC Hotels tied up with RP Group Hotels & Resorts to manage 5 hotels in India and Dubai. ITC's leading personal care brand announced the launch of its second edition of the signature series of the Couture Spa Range of Gel Bathing Bars. ITC's leading personal care brand also announced the launch of its unique Skin Nourishing Range of Soaps - VivelIn 2014 ITC has been voted among the top two 'Buzziest Brands' in the 'Corporate' category by 'afaqs' one of the world's largest marketing and advertising portals. ITC's leading personal care brand and one of India's most exciting brands introduced `Love & Nourish'. ITC becomes fastest firm to clock Rs 1000 cr revenue in stationery market. ITC's Engage range takes second spot in deo market by volume. ITC also replaces TCS as India's most admired company. ITC enters e-cigarette business. ITC Hotels launches one of largest ever foreign investments in ColomboIn 2015 ITC's paper boards and specialty papers division introduced grease-resistant paper boards. ITC acquired 87.06% equity share capital of Classic Infrastructure & Development Ltd. Russell Credit Ltd. a Wholly Owned subsidiary of the Company has acquired the entire equity share of Wills Corporation Ltd. (Wills). ITC also Launches Vivel Ayurveda Essence in Kerala. On 13 February 2015 ITC announced that the company has entered into Asset Purchase Agreements with M/s. Johnson & Johnson Ltd. India & M/s. Johnson & Johnson Pte. Ltd. Singapore for purchase of `Savlon' and `Shower To Shower' trademarks and other intellectual property respectively primarily for use in India. On 23 February 2015 ITC announced that the company has been declared as the highest/successful bidder for Park Hyatt Hotel located at 263-C Arossim Cansaulim Goa along with land and built up area of the hotel together with all buildings and structures and plant & machineries. This property of M/s. Blue Coast Hotels Ltd. was put up on sale by IFCI Ltd. through public auction under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.On 24 March 2016 ITC announced that it has acquired the entire equity share capital of Technico Agri Sciences Limited India from Technico Pty Limited Australia for a total consideration of Rs 121 crore. The acquisition is a related party transaction between ITC and Technico Pty Limited a wholly owned subsidiary of ITC. Technico Agri Sciences Limited is in the agricultural bio-technology business primarily of growing and selling of Technituber seed potatoes and field generated seed potatoes. On 2 April 2016 ITC announced that the company has been compelled to shut its cigarette factories with effect from 1 April 2016 until clarity emerges in the uncertain state of the rules on health warning on cigarette packs. On 5 May 2016 ITC announced that the Supreme Court on 4 May 2016 passed an order transferring to the Karnataka High Court all writ petitions pending in various courts challenging the rules prescribing 85% pictorial warnings on packages of tobacco products. The Supreme Court observed that all parties should endeavour to follow the rules. On 8 May 2016 ITC announced that its cigarette factories are commencing production progressively.ITC's Board of Directors at its meeting held on 20 May 2016 recommended issue of bonus shares in the ratio of 1:2. On 9 October 2016 ITC announced divestment of its entire shareholding in its wholly owned subsidiary King Maker Marketing Inc. USA along with assignment of certain trademarks owned by the company for total consideration of US$24 million.The company allotted 4026657100 Ordinary Shares of Re 1/- each fully paid-up were issued and allotted as Bonus Shares in the proportion of 1 (One) Bonus Share of Re 1/- each for every existing 2 (Two) fully paid-up Ordinary Shares of Re 1/- each held on 04 July 2016 being the Record Date determined by the Board for the purpose. The Bonus Shares were allotted on 07 July 2016.During the year the company divested the entire equity shareholding in King Maker Marketing Inc. (KMM) New Jersey USA. Consequently effective 16 November 2016 KMM ceased to be a subsidiary of the company.Pursuant to Pyxis Inc. merger with ITC Infotech (USA) Inc. with effect from 1st April 2016 Pyxis has ceased to be a subsidiary of ITC Infotech India Limited and that of ITC Limited with effect from that date. During the year ITC Infotech (USA) Inc. a wholly-owned subsidiary of ITC Infotech India Limited subscribed to the entire share capital of Indivate Inc. a company incorporated in USA. Consequently Indivate Inc. became a wholly-owned subsidiary of ITC Infotech Inc. USA with effect from 18 November 2016.As on 31 March 2017 the company has 24 subsidiaries including 9 subsidiaries outside India. During 2018-19 ITC launched over 50 new FMCG products across categories such as Foods Personal Care Education and Stationery products Agarbatti and Matches strengthening its diverse and differentiated portfolio of FMCG offerings. On 10 July 2018 ITC Global Holdings Pte. Limited Singapore a Subsidiary of the Company which had been under winding up was dissolved vide the Order of High Court of the Republic of Singapore. Consequently Global ceased to be a subsidiary of ITC Ltd.During the FY2020 ITC launched a bouquet of specially crafted innovative products with agility and speed to cater to the consumers' urgent needs for health wellness and hygiene solutions. It launched over 60 new products.The amalgamation of Sunrise Foods Private Limited and its subsidiaries with the Company was approved by the Board of Directors on 04 September 2020. The necessary petitions seeking sanction of the National Company Law Tribunal to the said amalgamation have been filed.As on 31 December 2020 the company has 28 subsidiaries 4 joint venture and 7 associate companies under its roof.During FY 2021 Sunrise Foods Private Ltd. was amalgamated with the Company and made effective from 1 April 2021. Wimco Limited became a wholly owned subsidiary of the Company with effect from 29th July 2021. Hobbits International Foods Private Limited and Sunrise Sheetgrah Private Limited were amalgamated with Company through Scheme of Amalgamation made effective from August 12 2021.The Company commissioned a new ICML at Khordha Odisha in 2022-23. ITC Fibre Innovations Limited a wholly owned subsidiary was set up into the fast-growing premium Moulded Fibre Products (MFP) space during year 2022-23. Spices processing facility was commissioned in Andhra Pradesh in 2023. The Company commissioned a new ICML at Khordha Odisha in 2022-23. ITC Fibre Innovations Limited a wholly owned subsidiary was set up into the fast-growing premium Moulded Fibre Products (MFP) space during the year 2022-23. Spices processing facility was commissioned in Andhra Pradesh in 2023. Five hotels were launched under `Fortune' brand in 2023. On 7th April 2023 the Company divested its entire shareholding i.e. 26% of the paid-up share capital held in Espirit Hotels Private Limited (EHPL) and consequently EHPL ceased to be a joint venture of the Company with effect from the said Date. Mother Sparsh Baby Care Private Limited (Mother Sparsh) became an associate of the Company by additional investment of Rs 13.46 Crore through acquisition in October 2022. It launched products across traditional and modern formats viz. `Gluten Free Flour' `Multi-Millet Mix' and `Ragi Flour' Vermicelli and Biscuits under the `Aashirvaad' and `Sunfeast' brands. A new Fabelle boutique was launched at the ITC Narmada opened in Ahmedabad. A new range of `Happy Naturals' Perfume mists and Shower Gels were launched during the year 2022-23. The premium `VedVidya' range was launched during the year in three variants - `Nargis & Kumkumadi oil' `Nagarmotha & Bahumanjari oil' `Chandan & Badamam oil'. In the popular segment Deo sprays were launched in mini-can format. The brand launched `Mangaldeep 3 in 1' Agarbatti in the Popular segment during the year. `Mementos' in the Luxury Lifestyle segment and `Storii' in the Premium segment were launched during 2022-23.