ITC to fast-track 25k crore investments - The Economic Times
July 28, 2012
ITC Ltd plans to accelerate its proposed Rs. 25,000-crore expansion plan to help boost the overall economic sentiment in the country, the cigarettes-to-biscuits conglomerate's chairman Y C Deveshwar said on Friday.
"The Indian consumption story is not at all impacted as the recent result of so many consumer goods companies have shown," Deveshwar told reporters during ITC's 101st annual general meeting.
"It is the investment story which is not alive, but corporates need to realize that more investment will boost employment which will create more consumption. ITC wants to champion the cause."
He said ITC has created a central projects team to speed up execution of its projects and urged the government to fast-track statutory clearances. "All our businesses are fast forwarding their business plans. However, the biggest challenge is execution since getting clearances takes time," he said.
More than 40 ITC projects across the country are in various stages of implementation. Deveshwar said the acceleration in investment is in support of the need to raise the pace of investment in the Indian economy, especially since economists have expressed concern on the slowdown in the pace of capital formation putting at risk future job creation and income generation.
ITC aims to invest Rs. 3,500 crore annually for the next 5-7 years, he said. This year, it has already invested Rs. 2,700 crore and expects to mobilize more resources.
