Dec 26, 2018
ITC eyes 15% market share in milk business as it launches four variants of ready-to-drink milk-based beverages, under ‘Sunfeast Wonderz Milk’ for the Tamil Nadu and Karnataka markets.
Manufactured from ITC’s Kapurthala plant in Punjab, the fruit and milk-based products with real Kolkata fruit and badam are made with a shelf life up to six months.
The company has recently launched packaged milk and curd under its ‘Aashirvaad’ brand in and Bihar.
Hemant Malik, Divisional Chief Executive – Foods, ITC, said “the dairy industry in India is huge and highly geographic so the company cannot become an all-India player unless it is sure about sourcing. It’s supply chain, sourcing and quality game and we are just building our skills in this space”, Malik added.
With a revenue target of Rs.1 lakh crore from the FMCG segment by 2030, the company is betting heavily on food business through new product launches and geographical expansion. Also it has to grow by at least 16 per annually to reach the target by 2030.
As on March 2018, food business contributed 19.7 per cent of gross turnover at Rs.8,668 crore.