Indian multi-business conglomerate ITC is planning to invest around INR10bn ($161.4m) into juice and dairy businesses, which are expected to be launched in the January-March quarter.
The proposed capital will be invested in manufacturing capacity, marketing, brand building and distribution expenses.
ITC's juice business will launch both 100% juices and nectars with around eight variants.
The company is expanding its agri-commodity sourcing to grow fruits and pulps for its juices business and will compete with Dabur's Real and PepsiCo's Tropicana brands in the packaged juice market, reports Economic Times.
Early this year, ITC acquired B Natural juice brand, which is now being modernised in terms of formulation and packaging.
Meanwhile, ITC's expansion into dairy business includes establishment of processing plants in the states of Bihar, Punjab, Uttar Pradesh, Maharashtra, Telangana and Andhra Pradesh.
The Economic Times reported that the company intends to establish local production footprint in order to overcome distribution problems of dairy products and also to meet consumer demand in each region since milk quality differs.
ITC's dairy business will launch value-added products, including chocolates, ghee and milk powder.
Image: ITC's juice business will launch both 100% juices and nectars. Photo: courtesy of KEKO64 / FreeDigitalPhotos.net.
