ITC makes cigarettes and other fast-moving consumer goods. It is also a hotel operator and is involved in other businesses. It is a principal associate of London-based British American Tobacco, which holds a 30% or so stake through three entities. Insurance companies, mutual funds and banks own another 35% of ITC, while the Indian government holds about 11%.
Y C Deveshwar, a Harvard Business School alum, joined the company in 1968 and has been the CEO and chairman since January 1996. He also sits on the Reserve Bank of India's Central Board and serves on national executive committees of some of the country's premier trade and industry bodies. In 2011, he was conferred the Padma Bhushan, one of India's highest civilian awards.
Founded in 1910 in Kolkata, ITC focused on the cigarette and leaf tobacco businesses for its first 60 years. It was originally known as the Imperial Tobacco Co. of India.
Business Summary
ITC Ltd. operates as a holding company, which engages in the manufacturing and trading of consumer products. It operates through the following segments: Fast Moving Consumer Goods (FMCG) Cigarettes; FMCG Others; Hotels; Paperboards, Paper and Packaging, and Agri Business. The FMCG Cigarettes segment markets and sells tobacco and cigars. The FMCG Others segment distributes packaged foods, clothes, school and office supplies, safety matched, agarbattis, and personal care products. The Hotels segment manages and operates hotel and restaurant chains. The Paperboards, Paper and Packaging segment produces and supplies specialty boards, graphic boards, and printing papers. The Agri Business segment exports feed ingredients, food grains, processed fruits, coffee, and seafood. The company was founded on August 24, 1910 and is headquartered in Kolkata, India.
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