Type Public Predecessor W.D. & H.O. Wills . Customer service 033 2288 9371 | Industry Conglomerate Headquarters Kolkata Revenue 537.5 billion INR (2016) | |
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Traded as BSE: 500875
NSE: ITC
BSE SENSEX Constituent
CNX Nifty Constituent Founded 24 August 1910
(as Imperial Tobacco Company of India) Key people Yogesh Chander Deveshwar, (Chairman), Sanjiv Puri, (Chief Executive Officer), Stock price ITC (NSE) ₹ 265.00 +0.85 (+0.32%)9 Mar, 3:59 PM IST - Disclaimer CEO Yogesh Chander Deveshwar (1 Jan 1996–) | ||
ITC Limited or ITC is an Indian conglomerate headquartered in Kolkata, West Bengal. Its diversified business includes five segments: Fast-Moving Consumer Goods (FMCG), Hotels, Paperboards & Packaging, Agri Business & Information Technology.
Contents
- History
- Cigarettes
- Other businesses
- Shareholding and listings
- Employees
- e Choupal
- ITC Sangeet Research Academy
- Awards and recognitions
- Questionable business practices
- References
Established in 1910 as the Imperial Tobacco Company of India Limited, the company was renamed as the Indian Tobacco Company Limited in 1970 and further to I.T.C. Limited in 1974. The periods in the name were removed in September 2001 for the company to be renamed as ITC Ltd. The company completed 100 years in 2010 and as of 2012-13, had an annual turnover of US$8.31 billion and a market capitalization of US$45 billion. It employs over 25,000 people at more than 60 locations across India and is part of Forbes 2000 list.
History
ITC was formed on 24 August 1910 under the name of Imperial Tobacco Company of India Limited, and the company went public on 27 October 1954. The earlier decades of the company's activities centered mainly around tobacco products. In the 1970s, it diversified into non-tobacco businesses.
In 1975, the company acquired a hotel in Chennai, which was renamed the 'ITC-Welcomgroup Hotel Chola' (now renamed to MyFortune, Chennai).
In 1985, ITC set up Surya Tobacco Co. in Nepal as an Indo-Nepali and British joint venture, with the shares divided between ITC, British American Tobacco and various independent domestic shareholders in Nepal. In 2002, Surya Tobacco became a subsidiary of ITC and its name was changed to Surya Nepal Private Limited.
In 2000, ITC launched the Expressions range of greeting cards, the Wills Sport range of casual wear, and a wholly owned information technology subsidiary, ITC Infotech India Limited.
In 2001, ITC introduced the Kitchens of India brand of ready-to-eat gourmet Indian recipes, which are produced and sold internationally, at first in cans and later in retort packages, and more recently online and at festivals.
In 2002, ITC entered the confectionery and staples segments and acquired the Bhadrachalam Paperboards Division and the safety matches company WIMCO Limited.
ITC entered the incense sticks or agarbattis business in 2003, selling its products under the Mangaldeep brand.
ITC diversified into body care products in 2005.
In 2010, ITC launched its handrolled cigar - Armenteros - in the Indian market.
The company began online sales in 2014.
ITC owned "Chambal Agritech LTD" an Australian "Technico PTY" subsidiary in May, 2008, to diversify its business portal & develop synergy between Seed Potato Production and Chip stock supply. Later, the name changed to "Technico Agri Sciences Ltd", wholly owned subsidiary of ITC Ltd.
Cigarettes
ITC Ltd sells 81 percent of the cigarettes in India, where 275 million people use tobacco products and the total cigarette market is worth close to $6 billion (around Rs.65,000 crore)
ITC's major cigarette brands include Wills Navy Cut, Marlboro Advance Black Gold Flake Kings, Gold Flake Premium lights, Gold Flake Super Star, Insignia, India Kings, Classic (Verve, Menthol, Menthol Rush, Regular, Citric Twist, Mild & Ultra Mild), 555, Silk Cut, Scissors, Capstan, Berkeley, Bristol, Lucky Strike, Players, Flake and Duke & Royal.
Other businesses
Shareholding and listings
ITC's equity shares are listed on Bombay Stock Exchange, National Stock Exchange of India and Calcutta Stock Exchange. The company's Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange.
Employees
As per the Annual report of the company, it had 25,963 employees as on 31 March 2013, out of which 3,043 were women. It spent Rs. 2,145 crores on Employee benefits during the FY 2012-13. During the same year, its attrition rate was 12%.
Its Chairman Y C Deveshwar has won renowned awards and recognitions including Padma Bhushan from Govt. of India and 7th best performing CEO in the world by Harvard Business Review.
Meera Shankar, Indian ambassador to USA between 2009 and 2011, joined the board of ITC Limited as the first woman director in its history. She is an additional non-executive director of the company.
e-Choupal
ITC's e-Choupal initiative is designed to make the power of the Internet available to Indian farmers. The company places computers with Internet access in rural farming villages, serving both as a social gathering place for exchange of information (choupal means gathering place in Hindi) and an e-commerce hub. As of July 2010, services through 6,500 e-Choupal across 10 states reach more than 4 million farmers in about 40,000 villages. The potential of e-Choupal is also being tested through pilot projects in healthcare, educational services, water management and cattle health management. In 2008, this initiative was recognised in the list of "Innovations to make markets more inclusive for the poor" in World Development Report Sep-2008 by the World Bank.
ITC Sangeet Research Academy
ITC Sangeet Research Academy is a Hindustani classical music academy established in 1977 and located in Kolkata. Some noted musicians are associated with this academy.
Awards and recognitions
Questionable business practices
While ITC has been noted for its sustainability practices, questions have been raised about the ethics of giving award to a company that generates significant amount of revenue from tobacco business. The company, has been known for seeking legal intervention against guidelines advocating prominent health advisories.