Kolkata, May 03: ITC Ltd, looking at 12-13 per cent share in the Rs 4,500 crore biscuits market by the current year end, will set up a biscuit manufacturing facility at Hardwar in Uttaranchal with an investment of over Rs 70 crore.
ITC Ltd Foods Division's divisional chief executive Ravi Naware told reporters that the facility would be operational by March 2007.
ITC, presently enjoying a market share of 8-9 per cent and maintaining third position in the biscuits market after Britannia and Parle, would be introducing more variants to cater to the growing demands of the consumers, Mr Naware said.
The company has decided to continue projecting actor Shahrukh Khan as the ambassador. Mr Naware said ITC maintaining a 30-35 per cent share in the Rs 70 crore ready-to-eat market would take the product range to 30 from 20 now.
The company is looking at higher growth potential in the ready-to- eat segment with the change in lifestyle in the urban market, where both the husband and wife are working.
Exports to the US, Canada, the UK and Switzerland contribute about 40-50 per cent of the revenue in the ready-to-eat segment.
ITC presently has a plant for manufacturing ready-to-eat foods at Bangalore and has set a guidance of clocking Rs 800 crore business from the foods division in 2005-06.