ITC to invest Rs14,000 crore over next five years
Kolkata: ITC Ltd will invest Rs14,000 crore to expand existing businesses, acquire suitable ventures and modernise plants in the next five years in keeping with the Vision 2010 policy chalked out by the company ahead of its centenary in that year.

The investment figure was announced after the ITC board met in Kolkata to approve its business plan for next five years ending 2009-10.

The board cleared an aggressive investment plan totaling Rs14,000 crore across all its businesses - FMCG, hotels, paperboards, paper and packaging and farm-business - the company has said in a release.

ITC said that the investment plans aimed at positioning each of the businesses in the ITC portfolio as a leader in its respective market. Apart from capital expenditure for organic growth, the strategic investment plans include outlays towards acquisitions, both in India and abroad. The company refused to share further details on its acquisition plans.

The bulk of the investments will go towards upgrading technology in the tobacco business, creating new production facilities for the food and garments businesses, expanding the ITC Welcomgroup chain through the addition of hotels in key locations and consolidation of the company's leadership position in the paperboards and paper businesses with the addition of an integrated pulp and paper facility. Investments are also planned for expansion of ITC's pioneering e-choupal rural sourcing and distribution network and setting up the rural hyper-market chain under the 'Choupal Sagar' store brand from one to four within this period.
Back to News Review index page  

Air Deccan to invest in A320, ATR simulators
Mumbai: Low-cost carrier Air Deccan is planning to set up Airbus A320 and ATR simulators to train its pilots and technicians.

The company intends to invest around $25-30 million towards the A320 and ATR simulator and other infrastructural facilities including a hangar in Bangalore and Chennai respectively within the next one year, it has said.

The ATR simulator will be a joint venture while the A320 facility is yet to be decided as negotiations were still continuing, company officials said. The airline has recruited 150 pilots as part of its expansion plans as it intends to add 30 A320s and ATR-72 aircraft within the next two years.

The airline presently has a fleet of five A320s and 13 ATR-42s and operates 106 flights daily. Deccan Air also has 20 foreign commanders.
Back to News Review index page  

Tag Heuer launches watch for golfers
New Delhi: Tag Heuer has announced the launch of the world's first 'professional golf watch' that has been designed and developed along with golf champion Tiger Woods, who also happens to be the company's brand ambassador.

Priced at Rs55,000, the watch will be available in a limited edition of 8,000 pieces with 250 pieces available in India, said a company release. The brand also announced its association with golf in India with the inaugural Tag Heuer precision golf tournament.
Back to News Review index page