Indian multi-business conglomerate ITC has announced plans to invest around INR10bn ($161.4m) into dairy and juice 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 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.
Meanwhile, the company's juice business will launch both 100% juices and nectars with around eight variants.
ITC is expanding its agri-commodity sourcing to grow fruits and pulps for its juices business and has established 261 cattle development centres across seven states for the dairy business.
Early this year, ITC acquired B Natural juice brand, which is now being modernised both in terms of formulation and packaging.
Image: ITC's dairy business will launch chocolates, ghee and milk powder. Photo: courtesy of Rainer Z.
