Sanjeev Puri was appointed ITC’s Chairman in May 2019. 10 In July 2017 ITC announced that it had amended the company’s Articles of Association to incorporate “healthcare” under its purview and was searching for a CEO to take the initiative forward. In March 2017, the media reported that ITC was given shareholder approval to explore health care services, with the aim of establishing multi-speciality hospitals in India.
2 As of 2020, ITC has 34 fully and partially owned subsidiary and associate companies. In addition to tobacco, the company manufactures food products and stationery, and is active in the hospitality industry, packaging industry, and the agricultural and information technology sectors. The name changes reflect ITC’s attempts at “shedding the cigarette tag” by diversifying into non-tobacco goods and services. Limited (1974), and finally to ITC Limited in 2001. 7 The company name was changed to India Tobacco Company Limited (1970), I.T.C. Headquartered in Kolkata, ITC was established in 1910 as the Imperial Tobacco Company of India Limited. 2Īccording to several media reports 3 4 5 BAT tried to increase its stake in ITC on several occasions but ITC “thwarted all attempts”, with the Indian ban on all Foreign Direct Investment in the cigarette industry (which took effect on 8 April 2010) allegedly a direct result of ITC’s lobbying of the Indian health and finance ministries. Government owned insurance company Life Insurance Corporation of India is the second largest shareholder in the company with 16.16% shareholding. 1īritish American Tobacco (BAT), through its subsidiaries Tobacco Manufacturers (India) Limited, Rothmans International Enterprises Ltd, and Myddleton Investment Company Ltd, was ITC’s major shareholder with 30% of shares. In 2017, the Indian Tobacco Company Limited (ITC) was the cigarette market leader in India (the 8th largest cigarette market in the world).
0 kommentar(er)
