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ITC Limited

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ITC Limited
FormerlyImperial Tobacco Company of India Limited (1910–1970)
India Tobacco Company Limited (1970–1974)
I.T.C. Limited (1974–2001)
ITC Limited (2001–present)
Company typePublic
ISININE154A01025
IndustryConglomerate[1]
PredecessorW.D. & H.O. Wills
Founded24 August 1910; 114 years ago (1910-08-24)[2]
Headquarters
Virginia House, Chowringhee Road, Kolkata
,
India
Area served
Key people
Sanjiv Puri
(Chairman & MD)[3]
Products
Brands
RevenueIncrease ₹79,568 crore (US$9.3 billion) (FY2024)
Increase ₹27,147 crore (US$3.2 billion) (FY2024)
Increase ₹20,751 crore (US$2.4 billion) (FY2024)
Total assetsIncrease ₹91,826 crore (US$11 billion) (FY2024)
Total equityIncrease ₹74,890 crore (US$8.8 billion) (FY2024)
Number of employees
33,824 (2023)
DivisionsITC Hotels
ITC Paperboards and Specialty Papers Division
ITC Infotech
Websitewww.itcportal.com Edit this at Wikidata
Footnotes / references
[5][6][7][8]

ITC Limited is an Indian conglomerate, headquartered in Kolkata.[9] It has a presence across six business segments, namely FMCG, hotels, agribusiness, information technology, paper products, and packaging.[10] It generates a plurality of its revenue from tobacco products.[11]

In terms of market capitalization, ITC is the second-largest FMCG company in India and the third-largest tobacco company in the world.[12][13][14] It employs 36,500 people at more than 60 locations across India.[15] Its products are available in 6 million retail outlets in India and exported to 90 countries.[16][5]

History

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ITC Infotech campus in Bangalore

Tobacco business and early years

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"ITC Limited" was originally named "Imperial Tobacco Company of India Limited", succeeding Imperial Brands and W.D. & H.O. Wills on 24 August 1910 as a British-owned company registered in Kolkata.[17][18] Since the company was primarily based on agricultural resources, it ventured into partnerships in 1911 with farmers from the southern part of India to source leaf tobacco.[citation needed][19] Under the company's umbrella, the "Indian Leaf Tobacco Development Company Limited" was formed in Guntur district of Andhra Pradesh in 1912.[20] The first cigarette factory of the company was set up in 1913 in Bangalore.[citation needed]

In 1928, construction began for the company's headquarters, the 'Virginia House' at Calcutta.[21] ITC acquired Carreras Tobacco Company's factory at Kidderpore in 1935 to further strengthen its presence.[citation needed] ITC helped set up an indigenous cigarette tissue-paper-making plant in 1946 to reduce import costs significantly. Then, a factory for printing and packaging was set up in Madras in 1949.[citation needed] The company acquired the manufacturing business of Tobacco Manufacturers (India) Limited and the complementary lithographic printing business of Printers (India) Limited in 1953.[22]

Name

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Established in 1910 as the Imperial Tobacco Company of India Limited, the company was renamed as the India Tobacco Company Limited in 1970 and later to I.T.C. Limited in 1974. In 2001 the company was renamed ITC Limited, where "ITC" is no longer an acronym.[23][24]

Shareholding and listings

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ITC's equity shares are listed on Bombay Stock Exchange (BSE), National Stock Exchange of India (NSE) and Calcutta Stock Exchange (CSE).[25] The company's Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange. ITC is a constituent of two major stock market indices of India: BSE SENSEX and NIFTY 50 of NSE.[26]

In July 2023, ITC Ltd.'s board of directors approved in principle the demerger of its hotel business and the formation of a wholly owned subsidiary called ITC Hotels.[27][28]

As of March 2024, British American Tobacco is the largest shareholder in the company with a 25.5% stake, followed by Life Insurance Corporation of India which holds 15.2%.[29]

Employees

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As per the annual report of the company, ITC had more than 28,000 employees as of 31 March 2020.[30]

ITC's former chairman and CEO Yogesh Chander Deveshwar (d. 2019) is a recipient of Padma Bhushan from the Government of India; he was named the seventh-best-performing CEO in the world by Harvard Business Review in 2013.[30][31]

Meera Shankar, Indian ambassador to the USA between 2009 and 2011, joined the board of ITC Limited in 2012 as the first woman director in its history.[32] She is an additional non-executive director of the company.[33]

Sanjiv Puri is the Chairman & Managing Director of ITC Limited. Puri was appointed as a Wholetime Director on the Board of ITC with effect from 6 December 2015, Chief Executive Officer in February 2017 and re-designated as the Managing Director in May 2018. He was appointed as the Chairman effective 13 May 2019.[34] Sanjiv Puri is also the president of the Confederation of Indian Industry (CII) for 2024-25.[35]

Cultural initiatives

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ITC founded and runs the ITC Sangeet Research Academy in 1978 to promote Hindustani classical music. The Academy is based in Kolkata.[36]

See also

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References

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  1. ^ "ITC – History and Evolution". www.itcportal.com. Archived from the original on 18 May 2023. Retrieved 25 September 2022.
  2. ^ "ITC - History and Evolution". www.itcportal.com. Retrieved 25 September 2022.
  3. ^ "ITC Leadership – Rishita Das, Chairman & Managing Director". www.itcportal.com. Retrieved 25 September 2022.
  4. ^ Dsouza, Sharleen (23 September 2020). "Here's How Big ITC's Top Brands Are". NDTV Profit. Retrieved 10 May 2024.
  5. ^ a b "Company Profile". Reuters. Retrieved 16 November 2021. ITC Limited is a holding company, which is engaged in the marketing of fast moving consumer goods (FMGC).
  6. ^ "Company History – ITC Ltd". Economic Times. Retrieved 15 September 2013.
  7. ^ "History and Evolution". ITC Limited. Retrieved 14 September 2013.
  8. ^ "The ITC Network: Registered Office". ITC Ltd. Retrieved 14 June 2014.
  9. ^ "ITC – History and Evolution". www.itcportal.com. Retrieved 25 September 2018.
  10. ^ "ITC Businesses". www.itcportal.com. Retrieved 25 September 2022.
  11. ^ JC, Anand; Ajwani, Deepak (11 December 2023). "How ITC succeeded in pivoting from its traditional tobacco business to FMCG under Sanjiv Puri". The Economic Times. Retrieved 10 May 2024.
  12. ^ "Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Retrieved 19 December 2022.
  13. ^ "ITC briefly beats HUL to become most valued FMCG company amid hotel business demerger buzz". Zee Business. 21 July 2023. Retrieved 10 May 2024.
  14. ^ Podishetti, Akash (10 December 2023). "ITC is world's 3rd most valuable tobacco company after London-based BAT sinks". The Economic Times. Retrieved 10 May 2024.
  15. ^ "ITC Stocks Accomplished Strong Record, 11th Indian Firm with Over 5 Trillion Market Capitalisation". Jagranjosh.com. 21 April 2023. Retrieved 28 December 2023.
  16. ^ "Company's Annual Report 2019–20" (PDF).
  17. ^ "ITC Ltd". Business Standard India.
  18. ^ "ITC History | ITC Information – The Economic Times". economictimes.indiatimes.com. Retrieved 26 September 2018.
  19. ^ Suman, Subhash Kumar (27 June 2022). "ITC History: कहानी कंपनी की: 110 साल पुराना ITC का इतिहास, बनाती हैं आपके लिए ये चीजें". Aaj Tak News (in Hindi).
  20. ^ Maat, Harro; Hazareesingh, Sandip (26 January 2016). Local Subversions of Colonial Cultures: Commodities and Anti-Commodities in Global History. Springer. ISBN 978-1-137-38110-1.
  21. ^ "Business Studies Project 10 | Companies | Business". Scribd. Retrieved 27 March 2020.
  22. ^ Cases in Financial Management. Tata McGraw-Hill Education. 1 August 2000. ISBN 978-0-07-463805-7.
  23. ^ Citations:
  24. ^ Himatsingka, Rakhi Mazumdar & Anuradha. "ITC: Leading Multi-business conglomerate turns 100". The Economic Times. Retrieved 27 December 2021.
  25. ^ "ITC share price jumps 4% despite missing Q4 profit estimate; here's why investors are buying stock". The Financial Express. 29 June 2020.
    "Listing Information – ITC". Economic Times. Retrieved 15 September 2013.
    "ITC Institutional Ownership – ITC LTD. Stock". fintel.io.
  26. ^ Aparna Deb (20 May 2020). "Sensex rises 114 points; Nifty settles above 9,100 mark; ITC rallies 7%". www.timesnownews.com. Retrieved 25 May 2020.
  27. ^ "The ITC board of directors approves the demerger of the hotel company in principle; the stock drops more than 4%". Bru Times News.
  28. ^ Agarwal, Nikhil (24 July 2023). "ITC board approves demerger of hotels business, share price drops 4%". The Economic Times.
  29. ^ "BAT's reduction of stake in ITC: Here's how it can impact the Indian FMCG giant". Business Today. 1 April 2024. Retrieved 10 May 2024.
  30. ^ a b "Company Annual report 2019–20" (PDF). itcportal.com. Retrieved 27 March 2020.
  31. ^ Hansen, Morten T.; Ibarra, Herminia; Peyer, Urs (1 January 2013). "The Best-Performing CEOs in the World". Harvard Business Review. No. January–February 2013. ISSN 0017-8012. Retrieved 27 March 2020.
  32. ^ Mukherjee, Writankar (4 August 2012). "ITC inducts Meera Shankar in its board as the first women ever". The Times Of India. Archived from the original on 13 August 2014. Retrieved 15 September 2013.
  33. ^ Mukherjee, Writankar (4 August 2012). "ITC inducts Meera Shankar in its board as the first women ever". The Economic Times. Retrieved 25 May 2020.
  34. ^ "ITC Leadership - Sanjiv Puri, Chairman & Managing Director". www.itcportal.com.
  35. ^ Service, Express News (20 May 2024). "ITC's Sanjiv Puri takes over as CII president". The New Indian Express.
  36. ^ "Ahead of I-Day, ITC pays tribute to nation with musical composition 'Desh Ek Raag'". Statesman. 14 August 2024. Retrieved 22 September 2024.

Further reading

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  • Cox, Howard. "International business, the state and industrialisation in India: Early growth in the Indian cigarette industry, 1900-19." Indian Economic & Social History Review 27.3 (1990): 289-312.
  • Roy, Anoushka. "ITC Vs Godfrey Phillips India – A Comparison of the Two Tobacco Giants" Trade Brains (March 9, 2022) online
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