ITC Chairman and Managing Director Sanjiv Puri addressed the ongoing FSSAI crackdown during an exclusive conversation with CNBC-TV18. According to the report, Puri stated that the regulator has the right to raise issues around compliance, while emphasizing that whatever actions are taken should be in compliance with the law. ITC is committed to going beyond compliance, with a focus on delivering the highest quality products and services to customers.
The cigarette business faces significant challenges following recent tax increases, as reported by CNBC-TV18. Puri identified the loss of franchise to illicit trade as the company's biggest fear following the tax increase. He noted that some movement towards the illicit market is likely given the magnitude of the increase, adding that ITC is staging its pricing to minimise the impact. Building and architecting the portfolio will be a calibrated journey, according to the company's leadership.
The hospitality sector remains a bright spot for ITC, with Puri expressing strong optimism about the company's prospects in this segment. As reported by CNBC-TV18, Puri stated that the sector is doing well and ITC is very optimistic about its prospects, with significant potential still available in India. While geopolitical developments have created some transitory issues, the sector overall continues to be buoyant. The company will continue to invest in and expand its hospitality portfolio, both by building its own properties and working with partners.
