Its beginnings were modest. A rented office on Radha Bazar Lane, Kolkata, was the center of the company`s existence. The company celebrated its 16th anniversary on August 24, 1926 with the purchase of plot 37, Chowringhee, (now renamed J.L. Nehru Road) Kolkata, for the sum of 310,000 rupees. The company`s decision was historic in more ways than one. This was to be the beginning of a long and eventful journey towards the future of India. The company`s main building, Virginia House, built on this property two years later, became one of Calcutta`s most revered landmarks. The ownership of the company was gradually indexed and the company name was changed to I.T.C. Limited in 1974. In recognition of the Company`s multi-business portfolio, which covers a wide range of business segments – Cigarettes & Tobacco, Hotels, Information Technology, Packaging, Paperboard and Special Papers, Agricultural Exports, Food, Retail Lifestyle and Greetings & Stationery – items in the Company`s name were withdrawn effective September 18, 2001. The company is now renamed “ITC Limited”. ITC President Yogesh Chandra Deveshwar (deceased 2019) has won prestigious awards and recognitions, including Padma Bhushan of the Government of India 2005-09 from the Boston Consulting Group and the seventh best CEO in the world by Harvard Business Review. [23] [24] ITC Limited is an Indian conglomerate based in Kolkata.
[8] ITC has a diversified presence in sectors such as FMCG, hotels, software, packaging, cardboard, specialty papers and agribusiness. [9] The company has 13 divisions in 5 segments. It exports its products to 90 countries. The products are available in 6 million retail stores. [10] [4] In 1975, the company began its hotel business with the acquisition of a hotel in Chennai, which was renamed “ITC-Welcomgroup Hotel Chola”. The goal of ITC`s entry into hospitality was rooted in the concept of creating value for the nation. ITC chose the hotel business because of its potential to generate high foreign exchange, create tourism infrastructure and create direct and indirect jobs on a large scale. Since then, ITC`s hospitality business has grown and become a leading leader, with over 100 hotels owned and managed across India. On October 27, 1954, the company was transformed into a joint-stock company. The first step towards Indianization was taken the same year with 6% of the company`s Indian stake.
ITC was also the first Indian company to engage in consumer research during this period. In the 1960s, technology focused more on setting up cigarette machines and filter rod manufacturing equipment to achieve self-sufficiency in cigarette manufacturing. Y.C. Deveshwar became President of the Company in 1996 and the corporate governance structure was redesigned to support the effective management of several companies. ITC withdrew from the edible oils and financial services sector; sold ITC Classic Finance Limited to ICICI Limited and liquidated Sundrop to ConAgra Foods Limited in 1998. In 2000, an innovative initiative for farmers called “e-Choupal” was launched in Madhya Pradesh 2000. In the same year, ITC`s Wills casual sportswear line was launched with the first outlet in New Delhi and ITC entered the stationery and gift products business, introducing greeting cards and “Expressions” notebooks. In 2000, ITC Infotech India Limited, a wholly-owned information technology subsidiary, was also established and ITC Bhadrachalam Paperboards Limited merged with ITC Limited. The company`s name was changed to “ITC Limited” in 2001, omitting the dots and adjusting the “No stops for ITC” strategy. For the first time, an employee option program was introduced and a web portal was launched for the company. Subsidiaries for ITC Infotech have been established in the United Kingdom and the United States. ITC also entered lifestyle retail in 2000 with the Wills Sport range of international quality apparel for men and women.
The exclusive Wills Lifestyle chain then expanded its range to include Wills Classic (2002) and Wills Clublife evening wear (2003). ITC also launched a foray into the popular segment in 2002 with its menswear brand John Players. In 2006, Wills Lifestyle became the main partner of the country`s premier fashion event – Wills Lifestyle India Fashion Week – which was recognized by buyers and retailers as the largest B-2-B platform for the fashion design industry. To mark the occasion, ITC launched a special “Celebration Series” to introduce consumers to the event. In 2007, the company launched “Miss Players” – a fashion brand in the popular segment of young women. Meera Shankar, India`s Ambassador to the United States between 2009 and 2011, joined ITC Limited in 2012 as the first female director. [25] She is another non-executive director of the Corporation. [26] ITC Ltd is one of India`s leading privately held companies.
ITC has a diversified presence in cigarettes Hotels Cardboard and specialty papers Packaging Agribusiness Packaged food and confectionery Information technology Branded clothing Personal care Stationery Safety matches and other consumer products.