ITC lines up projects worth Rs. 23,000 crore

ITC-LimitedITC has lined up projects worth Rs. 23,000 crore in its centenary year, across the business segments of FMCG, paper, paperboards and packaging and hotels, taking every opportunity due to the growth of the Indian economy.

The company has passed a resolution to double its share capital to Rs. 1,000 crore and acquisitions are being checked out in all the areas by the company.

Taking about its Bengal project, the company reported that the West Bengal Industrial Development Corporation has seen 18 acres of land in Uluberia in Howrah for the purpose of an integrated food park project. After enquiring it has been found that ITC will invest Rs. 300-croreand its first product will be snacks and food.

Besides the already existing hotel, ITC is also setting up a second one adjacent to it and it is slated to be a hi-rise building.

Proposals for the new takeover code has been welcomed by the ITC Chairman wherein it is said that it will be good for the company's shareholders if the threshold level is increased to 25 per cent.