In his AGM address Sanjiv Puri, chairman, and managing director, ITC, shared his vision on ITC Next: reimagining business for the redefined future. Relevant excerpt from the speech is below:
Moving to the ITC Next horizon, the business is pioneering a planet-friendly initiative through fiber-based solutions, including molded fiber technologies for specialized packaging, leveraging its existing proprietary R&D platforms and global collaborations. The business has launched a sustainable packaging portfolio comprising recyclable paperboards, under the ‘Filo’ and ‘Omega’ series to substitute single-use plastics. This segment offers immense opportunities with the global biodegradable packaging market estimated to grow to nearly US$ 121 billion (approximately Rs 898 crore) by 2025.
ITC’s paperboards, paper, and packaging business has made significant progress with recent strategic investments in areas such as pulp import substitution, proactive capacity addition in value-added paperboards as well as in extensive use of Industry 4.0 to drive a new paradigm of quality and efficiency.
The paperboards business derives competitive strengths from its integrated business model that encompasses a secure and renewable fiber chain as well as a one-stop packaging solutions provider. ITC has spearheaded an afforestation program that has greened over 8,75,000 acres, supporting 160 million person-days of employment, besides enabling large-scale import substitution.
ITC’s upcoming strategy
An extensive strategy reset has been undertaken to architect the structural drivers that will power ITC’s next horizon of growth and ensure that the enterprise remains future-oriented, consumer-centric, and nimble. Each of ITC’s businesses has pivoted to create new frontiers for the future, with enhanced competitiveness as well as a sharper focus on cost management to strengthen leadership or rapidly attain the top positions in the case of newer segments.
As a core element of the ITC Next strategy, ITC will continue to explore opportunities to craft disruptive business models anchored at the intersection of digital and sustainability, the two defining trends in the ‘new normal’, leveraging its institutional strengths.