NEW
DELHI: Tobacco major ITC said on Sunday it has submitted an Expression
of Interest in the divestment of Maharashtra Agro and Fruit Process
Corp (MAFCO) and is open to more acquisitions to accelerate growth.
ITC's
foods vision, which is eyeing Rs 500 crore turnover over the next five
years, has also launched ‘Gharana’ brand of ready-to-cook dishes.
"The
foods division of ITC, which came into being last year, aims at a Rs
500 crore sales in the coming five years. We have submitted an EoI to
the Maharashtra Government for acquiring MAFCO. We intend to acquire
MAFCO and are open to further acquisitions," ITC Foods CEO Ravi
Naware said.
Launching
'Gharana' - as part of the 'Kitchens of India' range of products - here,
he said the Rs 500 crore sales target would be achieved because of the
company's offerings in its three divisions - snack, staple and confectionary.
Out
of the targeted Rs 500 crore revenue, the products under 'Kitchens of
India' are expected to contribute 10 per cent while out of which 60-65
per cent of the business would come from exports, he said.
ITC's
foods division currently exports to countries like Hong Kong, the US,
the UK and Canada, Naware said, adding that the company was exploring
the possibility of shipping products across the board to West Asia as
well.
"Apart
from gauging the possibility of exporting to the Middle East, we will
soon start exporting to Australia and New Zealand," he added.
PTI
[ SUNDAY, MARCH
30, 2003 01:43:32 PM ]
