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Jump to full article: Business Standard (in), 2009-07-25
Author: BS Reporter / Kolkata July 25, 2009, 1:07 IST
Intro: Diversified business conglomerate ITC Ltd is planning to invest Rs 4,000-5,000 crore over the next five years in a new paper plant, provided it finds 1,500-2,000 acres in time.
ITC, 31.7 per cent owned by British American Tobacco, is India’s top cigarette maker and also makes consumer goods and runs the Welcome Group of hotels.
At a press conference in Kolkata today, Y C Deveshwar, chairman, ITC Ltd (pictured), said: “Acquiring adequate land for fresh investments and business expansion is a challenge in India. Nonetheless, we are looking at 1,500-2,000 acres in either of Gujarat, Madhya Pradesh and Andhra Pradesh. We intend to invest close to Rs 4,000-5,000 crore over the next five years in building a new greenfield paper plant, depending on how we scale up.”
The company currently has a 0.5 million tonne paper plant in which it invested Rs 3,000 crore.
“Our focus areas in the short term would be paper, hotels and non-cigarette FMCG businesses.
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