FMCG major ITC is planning to venture into dairy business with the launch of ghee (clarified butter) by the end of the current quarter.
The company is likely to roll out its range of dairy products within the next few years. The range would include packaged milk, butter, cheese and chocolate to compete against the current market leaders such as Amul, Nestle, PepsiCo, and Hindustan Unilever.
Media sources cited ITC FMCG businesses president Sanjiv Puri as saying: "Work on this plan is at various stages and when we are ready, we will launch products based on how the market evolves."
The company has already set up a milk-processing unit at Munger in the Indian state of Bihar, and is planning to set up similar facilities in other parts of the country.
Puri did not give out details of the plan or the exact investment that the company would make for setting up dairy business. However, he indicated that the company plans to invest around INR250bn ($37.6m) for development of its food business.
