New Delhi: Diversified business conglomerate ITC plans to introduce organic spices in the overseas market, in a move to expand the segment in order to garner Rs300 crore in the next two years from the division.
ITC, sells its spices under the brand name ‘Ashirwad’ in the domestic market through its ILT Division. It will also double the manufacturing capacity besides increasing its offerings by introducing more varieties by 2011.
At present, Ashirwad is available in three varieties, including chilli, turmeric and coriander.
The company will also invest around Rs50 crore in the next 3 years to upgrade its facilities and also enhance back-end operations.
“Our spice business is growing rapidly. In the next one-two years we will be introducing more varieties like pepper, cummin, nutmeg, mustard, fenugreek and other minor spices,” ILTD chief executive of the Agri Business Division Janarthan Reddy said.
The group is also planning to introduce organic and pesticide residue free, and sterilised spices to consolidate its presence in the existing overseas market. It currently exports its product in bulk form in the US, Japan, UK, Italy, Germany and Australia.
“We export unbranded spices in bulk form in countries like the US, eastern European countries and Japan. We would be soon introducing our premium value added spices, which includes organic spices, steam sterilised as well as pesticides residue free spices. We want to consolidate our presence there,” he said.
Reddy said that about 30% of the overall spice business revenue comes from its international market and hopes that in another two-three years period the group will be able to enhance it to around 50%.