ITC acquires 2,443 equity shares of Sproutlife; stock hits new lifetime high

After the announcement, ITC jumped over 1.5 per cent, as the stock touched a lifetime high of Rs 431.90 on BSE.

ITC Ltd on Friday announced that it has acquired 2,443 equity shares of Sproutlife Foods Private Limited (Sproutlife) at Rs 10 each. Indian Tobacco Company (ITC) in a filing with the stock exchanges said it acquired 2,443 equity shares and 7,215 compulsorily convertible preference shares on May 4.

“The Company has on 4th May, 2023 acquired 2,443 Equity Shares of Rs. 10/- each and 7,215 Compulsorily Convertible Preference Shares of Rs. 10/- each for an aggregate consideration of Rs. 175 crores,” the company said in the statement.

ITC added that with this acquisition, the company’s shareholding in Sproutlife aggregates 39.42 per cent of its share capital on a fully diluted basis.

About ITC limited

ITC Limited, commonly known as ITC, is an Indian conglomerate that has cemented its position as one of the country’s foremost private sector companies. Founded in 1910 as the Imperial Tobacco Company of India, ITC has undergone a remarkable transformation over the years, diversifying its portfolio and expanding its business domains. Today, ITC is a leading player in various sectors, including FMCG (Fast-Moving Consumer Goods), hotels, paperboards and packaging, agribusiness, and information technology. With a strong commitment to growth and sustainability, ITC has emerged as a socially responsible business conglomerate with a significant impact on India’s economy and society.

Diverse Business Segments:

ITC’s diversified business portfolio is one of its primary strengths, ensuring stability and growth even in volatile market conditions. The company’s FMCG segment is particularly noteworthy, contributing significantly to its revenue. Brands such as Aashirvaad, Sunfeast, Bingo, and Yippee! have become household names in India, attesting to ITC’s successful foray into the consumer goods sector.

Another major business domain for ITC is the hotel industry. The company’s hotel division operates under the brand name ‘ITC Hotels,’ renowned for its luxury offerings and responsible luxury practices. Their hotels showcase a blend of opulence and sustainability, setting new standards in the industry.

ITC’s paperboards and packaging division is another vital component of its diversified portfolio. The company is a prominent player in the paper and paperboard sector, producing high-quality boards for packaging and printing needs.

Furthermore, ITC has made significant strides in agribusiness. Through its e-Choupal initiative, the company has leveraged technology to empower farmers by providing them with real-time information, services, and access to markets. This initiative has not only enhanced the livelihoods of farmers but also improved the agricultural supply chain.

Sustainability and Social Responsibility:

ITC’s commitment to sustainability and social responsibility is a core element of its corporate philosophy. The company follows a unique ‘Triple Bottom Line’ approach, focusing on economic, environmental, and social performance. It seeks to create sustainable value for all its stakeholders, including shareholders, customers, employees, and society at large.

One of ITC’s standout achievements is its consistent efforts towards carbon-positive operations. The company has been working diligently to reduce its carbon footprint and transition towards renewable energy sources. It has also implemented water conservation measures, recycling initiatives, and waste management strategies to minimize its environmental impact.

In addition to its environmental initiatives, ITC is deeply invested in social development programs. Through its social investment arm, the ITC Foundation, the company has been actively involved in various community development projects, such as rural development, healthcare, education, and women’s empowerment. These initiatives have had a transformative impact on the lives of millions of people across India.

Innovation and Research:

ITC places significant emphasis on innovation and research, which has been critical in sustaining its growth and competitiveness. The company invests heavily in R&D to develop new products, improve existing ones, and explore opportunities in emerging sectors. This approach has enabled ITC to stay ahead of market trends and consumer preferences.

Moreover, ITC has demonstrated its commitment to fostering innovation through its ‘ITC Grand Choupal’ program. This initiative encourages employees to come up with innovative ideas and solutions, fostering a culture of creativity and entrepreneurship within the organization.

Global Footprint:

While ITC’s primary focus has been on the Indian market, the company has also expanded its global footprint. It exports its products to numerous countries, further contributing to India’s export revenues. The company’s international operations have helped establish its presence in various markets, showcasing the quality and competitiveness of Indian goods.

Conclusion:

ITC Limited’s journey from a tobacco company to a diversified conglomerate is a testament to its adaptability, vision, and commitment to growth and sustainability. With a diverse business portfolio, strong focus on sustainability and social responsibility, emphasis on innovation, and expanding global presence, ITC continues to be a significant player in India’s corporate landscape. As it moves forward, ITC’s unwavering dedication to its core values and strategic approach will undoubtedly fuel its future success and contribute to India’s economic and social progress.


Leave a Reply

Your email address will not be published. Required fields are marked *