INTRODUCTION: ITC Limited which previously stood for Imperial Tobacco Company of India Limited is an Indian conglomerate with a turnover of US $ 4.75 billion. It ranks third in pre-tax profit among India’s private sector corporations. The company has its registered office in Kolkata.
The company is currently headed by Yogesh Chander Deveshwar. It employs over 20,000 people at more than 60 locations across India and is listed on Forbes 2000. The Training Centre of the company is in Munger, Bihar. ITC is also known as “Chatkal” (especially in Munger).
ITC is one of India’s foremost private sector companies with a market capitalization of over US $ 22 billion and a turnover of over US $ 5 billion. ITC is rated among the World’s Best Big Companies, Asia’s ‘Fab 50′ and the World’s Most Reputable Companies by Forbes magazine, among India’s Most Respected Companies by Business World and among India’s Most Valuable Companies by Business Today. ITC ranks among India’s `10 Most Valuable (Company) Brands’, in a study conducted by Brand Finance and published by the Economic Times. ITC also ranks among Asia’s 50 best performing companies compiled by Business Week.
ITC has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business, 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.
As one of India’s most valuable and respected corporations, ITC is widely perceived to be dedicatedly nation-oriented. Chairman Y C Deveshwar calls this source of inspiration “a commitment beyond the market”. In his own words: “ITC believes that its aspiration to create enduring value for the nation provides the motive force to sustain growing shareholder value. ITC practices this philosophy by not only driving each of its businesses towards international competitiveness but by also consciously contributing to enhancing the competitiveness of larger value chain of which it is a part.
ITC’s Agri-Business is one of India’s largest exporters of agricultural products. ITC is one of the country’s biggest foreign exchange earners (US $ 3.2 billion in the last decade). The Company’s ‘e-Choupal’ initiative is enabling Indian agriculture significantly enhance its competitiveness by empowering Indian farmers through the power of the Internet. This transformational strategy, which has already become the subject matter of a case study at Harvard Business School, is expected to progressively create for ITC a huge rural distribution infrastructure, significantly enhancing the Company’s marketing reach.
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 employs over 26,000 people at more than 60 locations across India. The Company continuously endeavors to enhance its wealth generating capabilities in a globalizing environment to consistently reward more than 3, 39,000 shareholders, fulfill the aspirations of its stakeholders and meet societal expectations. This over-arching vision of the company is expressively captured in its corporate positioning statement:
“Enduring Value. For the nation. For the Shareholder.”