 "Sanjiv Puri")
The recent turmoil in Nepal will not impact ITC’s investment plans in the Himalayan nation, chairman and managing director Sanjiv Puri, said.
Surya Nepal, ITC’s subsidiary, has been in the cigarettes business since 1986 and is a market leader. In recent years, it has also forayed into confectionery and biscuits in line with ITC’s strategy of expanding in proximal markets.
ITC’s annual report for 2024-25 mentioned that it continues to rapidly scale-up the newer FMCG businesses and evaluate emerging opportunities in this space.
Puri said that plans for Nepal, whether in FMCG or hotels, will continue. “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 and continue… otherwise you cannot progress in today’s world.”
On disturbances in Nepal, he said, “It’s not taking away our intent to continue investing in Nepal.”
He was speaking on the sidelines of the 124th annual general meeting of Merchants’ Chamber of Commerce & Industry.
In the hospitality space, it made a debut in Nepal in 2024 with a management contract. A second hotel under a management contract will be coming up.
“We are also evaluating our own hotel that will continue on its own merits, depending on how the opportunity unfolds,” he said.
ITC’s first hotel outside India was however in Sri Lanka. Ratnadipa Colombo was launched in April 2024.
Earlier, while addressing MCCI members, Puri spoke on reimagining competitiveness in a turbulent world.
“It’s a very complex environment that we operate in today. What enterprises need to learn is to navigate a TURN – Turbulence, Uncertainties, Rapid Change and Novel Strategies,” he said.
Now, all this is driven by geopolitics and geoeconomics on the one hand, Puri said.
He noted that climate change was also a big driver of change and uncertainty. Regulations were tightening, non-tariff barriers were coming and stakeholder expectations were rising. “It is also accentuated by the whole issue of inequity.”
Moreover, markets in India were transforming fast on the back of digitisation.
“The digital marketplaces have transformed the market. The newer generation, the Gen Z and now the Gen Alpha – their way of looking at the world is very different. Their expectations are very different. So, the consumer marketplace also is dramatically changing,” Puri said.
“A huge amount of change is what we have to navigate. Naturally, the strategies of yesteryear may not be sufficient. That’s why reimagining is absolutely critical,” he added.
However, he also pointed out that challenges also bring plenty of opportunities.
