History of ITC Group

16 November 2022
7 min read

Established in 1910, ITC Limited is one of the largest Indian conglomerate companies. It has diversified into multiple business areas, including tobacco manufacturing, food processing, retailing, and financial services.

The company's name ITC was originally an acronym for Imperial Tobacco Company of India Limited. In 1970, it was renamed India Tobacco Company Limited (ITC full form). India Tobacco Company Limited was later abbreviated as I.T.C Ltd in 1974. And as of now, it stands for just 'ITC limited'. 

Basic Information About ITC Limited

Following is the basic information about ITC Limited, including details about the company owner, headquarters, market capitalization, and more.

Year Of Establishment

1910

ITC Founder

British-owned company registered in Kolkata

Headquarters

Virginia House, Kolkata, West Bengal, India

Leading Team

Sanjiv Puri (Chairman & MD)

Market Capitalization

Over ₹4,38,601Cr approx.

No. Of Employees

over 36,500 approx

Number Of Countries Present In

90 Countries (6 million retail outlets) and 60 Locations in India

ITC Company History

ITC Limited is one of India's most prominent diversified FMCG, Hotels, Packaging, Paperboards, Specialty Papers, and Agri-Business companies. ITC Limited India has been ranked as one of the most profitable FMCG companies in India.

In this blog, we have covered the ITC company information, the history of ITC hotels and its other details.

ITC History Timeline

Following is the history and timeline of ITC expansion over the years-

  • 1910: ITC was established and founded as a Private Limited Company under Imperial Tobacco Co. of India Ltd on 24th August. 
  • 1953: Acquirement of the manufacturing business of Tobacco Manufacturers (India) Ltd.
  • 1954: The Company was converted into a Public Limited Company on 27th October.
  • 1970: The name of the Company was changed from the Imperial Tobacco Co. of India Ltd. to India Tobacco Co. Ltd. in May.
  • 1972: Entered into the hotel business in October.
  • 1973: Received the approval of Govt. for setting up three processing plants.
  • 1974: On 1st April name was again changed to ITC Ltd with no acronyms.
  • 1975: Purchased the net asset in India of the India Leaf Tobacco Development Co. Ltd.
  • 1979: Company's chain of hotels’ name was changed from "Welcome Hotels" to "Welcomgroup". 
  • 1983: A new Company under Gujarat Hotels was incorporated under a joint agreement between the Company and Gujarat Industrial Investment Corporation. They set up a 144-room hotel at Vadodara known as Welcomegroup Vadodara.
  • 1986: The Company signed a joint venture agreement with MP Audyogik Vikas Nigam to set up four hotels over the next five years.
  • 1987: New brands- Wills Flake Premium Filter and Scissors Filter were introduced. The Company also acquired Nedovs Hotel, Srinagar, on lease. 
  • 1988: Different varieties of oilseeds under the brand name "ADARSH" and cooking oil under "SUNDROP" were launched into the market.
  • 1990: Refined mustard oil under the brand name "REAL GOLD" was introduced in the market.
  • 1993: Successfully launched Hero and Classic Milds brand Cigarettes.
  • 1995: Introduced the capstan Menthol filter, capstan standard, and Bristo standard and re-designed Gold Flake Kings and Berkley Filter. Further, Gold Flake Lights in Kingsize was introduced into the test markets.
  • 1996: The Company launched Classic Ultra Milds and Wills Natural Lights brands.
  • 1997: ITC Classic Finance Ltd. was signed with ICICI Ltd.
  • 1998: ITC had nearly 105 subsidiaries involved in various kinds of operations.
  • 2000: The Lifestyle Retailing Business Division was set up under the Packaging and Printing Division. ITC also launched Wills Sport, a full range of internationally styled premium wear for men and women.
  • 2003: ITC Ltd's Spriha brand of natural incense sticks (Agarbathis) manufactured by Cottage Industries was launched on February 21, 2003.
  • ITC, on April 04, introduced salt in the staple segment, which is the second offering from ITC Foods' staple business under the brand name of 'Aashirvaad'. In the same year, it also unveiled a new brand of agarbattis.
  • 2008: Launched eco-friendly "Paperkraft Premium Business Paper". 
  • 2010: ITC flourished into the Rs. 1,700-crore fairness cream market.
  • The Indian cigarette industry attracts international brands, and consequently, one of India's foremost private sector companies and the most significant domestic cigarette manufacturer ITC entered the Cigars business in India.
  • 2011: ITC Ltd - Padma Bhushan for Mr Y C Deveshwar, Chairman of the Company. We launched renowned brands like Classmate notebooks and John Players.
  • 2012: ITC’s leading personal care brand, announced the launch of its unique Skin Nourishing Range of Soaps - Vivel
  • 2014: ITC replaces TCS as India's most admired company. 
  • Enters the e-cigarette business.
  • ITC Hotels launches one of the largest ever foreign investments in Colombo.
  • 2017: ITC contributes to achieving Swachh Bharat through initiatives.
  • 2022: With a Gross Sales Value of ₹ 90,104 crores and Net Profit of ₹ 15,058 crores on March 31st, 2022, Indian Tobacco Company Limited India is ranked as one of the Most Profitable FMCG companies in India.

ITC Limited Subsidiaries

Principal Subsidiaries of ITC-

S.No.

Company Name

Industry

1.

ITC Infotech

Technology

2.

Srinivasa Resorts Limited

Hospitality

3.

Surya Nepal Private Limited

Cigarettes, Safety Matches, Agarbatti and Confectionary

4.

Fortune Park Hotels Limited

Hospitality

5.

Landbase India Limited

MCA Provider

6.

Welcomhotels Lanka (Private) Limited, Srilanka

Hospitality

7.

Russell Credit Limited

Investment Company

8.

Technico Pty Limited

Supply Chain Solutions

List of all the ITC Businesses

  • Fast-moving Consumer Goods (FMCG)-
  • Cigarettes & Cigars
  • Foods
  • Personal Care
  • Education And Stationery
  • Safety Matches
  • Agarbattis & Dhoop
  • Hotels
  • Paperboards & Specialty Papers
  • Packaging

  • Agri-Business-
  • Agri Commodities & Rural Services
  • Agri-Business-ILTD
  • e-Choupal
  • ITC Analytical Services
  • Information Technology
  • ITC Brand world Group Companies
  • Operational Joint Ventures:
  • Maharaja Heritage Resorts Ltd.
  • ITC Essentra Limited
  • Listed Associate Companies
  • Gujarat Hotels Limited
  • International Travel House Limited

ITC Limited Subsidiaries: Overview

Here is some basic information about the subsidiaries under ITC Limited.

  • ITC Infotech

ITC Infotech is a leading IT company in India. It provides software development, web development, mobile application development, and digital marketing services.

The company has grown from strength to strength over the years and has more than 500 employees across India and abroad. The company’s success can be attributed to its commitment towards quality work, customer satisfaction, and innovation.

  • Srinivasa Resorts Limited

Srinivasa Resorts Limited by ITC is a luxury resort chain and one of India's most popular tourist destinations. 68% of its stake is with ITC. 

The resort has been designed to provide guests with a luxurious experience, including a spa, restaurants, and an infinity pool. Their resorts also offer activities such as snorkelling, kayaking, and fishing.

  • Surya Nepal Private Limited

Surya Nepal Private Limited by ITC is a company that manufactures and exports various types of products. The company has been operating for over two decades and exports its products to multiple countries.

The company is headquartered in Nepal. It was established in 1986 and had been operating from the exact location. The company's main product categories are cigarettes, garments, and safety matches.

  • Fortune Park Hotels Limited

Fortune Park Hotels Limited, an ITC subsidiary, is a hotel chain in India that provides luxury at tourist places at affordable prices. It was founded in the year 1995 and had been growing ever since. The company has a total of 47 hotels and resorts across India.

  • Landbase India Limited

Landbase India Limited is a subsidiary of the Indian conglomerate ITC Limited. It owns classic goals and country club located on the outskirts of the capital city of Delhi. 

  • Welcomhotels Lanka (Private) Limited, Srilanka

Welcomhotels Lanka(Private) Limited is a subsidiary of ITC wholly owned by it in Sri Lanka. It was incorporated to construct, build, and operate a project alongside a luxury hotel in Colombo. 

  • Russell Credit Limited

Russell Credit Limited by ITC is a financial services company that offers credit cards, loans, and other financial products. It is incorporated to make long-term investments in FMCG Hotels, Paper, Paperboards, Packaging Agri-Business, and even Information Technology.

  • Technico Pty Limited

Technico Pty Limited is an Agri biotech company under a 100% subsidiary of ITC, and it owns the technology of the  Technituber and commercializes such technologies around the globe. 

Conclusion

ITC Limited is an FMCG, Hotels, Packaging, Paperboards, Specialty Papers, and Agri-Business company. The company has its headquarters in Kolkata, India. It is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE).

ITC is an excellent Indian conglomerate with a worldwide presence and diverse investments. This can enable you to enter the global marketplace even if you are just starting.

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Disclaimer

The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. NBT do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
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