Diversified conglomerate ITC, which is eyeing Rs 1 lakh crore turnover in FMCG business by 2030, is all set to launch its speciality spices under the Master Chef brand this quarter.
Spices under the brand are tested for 450 chemicals, toxins and other contaminants as against only nine parameters that are required to be tested in India. Besides, the company is also all set to enter the fruits, vegetables and seafood segment this year, and Master Chef is likely to be the umbrella brand.
Last year, the company had launched some locally popular spices under the ITC Master Chefbrand in states like Telangana and Andhra Pradesh. Now, it is looking at a national launch as well as to widen its portfolio. Puri informed that this segment would see new product launches this year.
As such, ITC Spices’ business is located in the chilli capital of the world, Guntur in Andhra Pradesh. It is one of India’s leading producers and exporters of backward integrated food safe spices and already engages with 7,800 spice farmers across 18,500 hectares and 210 villages.
Further, ITC, which is the number three player in the foods business in India, is also set to foray into the fruits, vegetables and seafood space this year. Puri said that this could be in the next six to twelve months’ time. The first half of the next financial year would see some launches in this space, and ITC Master Chef could be the umbrella brand.
ITC is eyeing the top spot in the foods business in the next couple of years. It currently has a turnover of Rs 7,100 crore in the foods business and is closing in on its rivals Parle and Britannia.
Therefore from the above news we can conclude that ITC is going to expand in few years.
