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ITC not to exit cigarette business: Deveshwar 

ITC Chairman, Mr Y C Deveshwar on Friday said the company would not exit its once bread and butter cigarette business, although it would continue diversifying into more new areas of business.

Replying to shareholders' queries at the 98th AGM of the company here, he said: “We want to diversify, but also not give up the established business of cigarettes.”

The non-cigarette portfolio of ITC's business, which includes hospitality and apparels, contributes more than 51 per cent of the net turnover.

“In India, the cigarette business is subject to high levels of taxation. We have urged the Government to moderate the rates of taxation which would yield higher revenue to the exchequer,” he said.

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