The Hindu Business Line : ITC Foods divn rolls out ReadyMeals

THE diversified ITC group, after successfully establishing Kitchens of India, with its ready-to-eat gourmet cuisines, has announced the nationwide launch of `Aashirvaad ReadyMeals' and has targeted total sales of volumes of about Rs 500 crore from its foods division in the next three years.

Mr Ravi Naware, Divisional Chief Executive, ITC Ltd, Foods Division, has said the launch of Aashirvaad ReadyMeals is the first of its kind catering to the Indian convenience food market from ready-to-eat business of ITC Foods. There is a huge untapped market both in the country and for the Indian diaspora spread across the globe.

This latest offering is in tune with the company's strategic direction to develop new product lines by synergising its proven competencies. We believe that our understanding of the Indian consumer is reflected in the increasing confidence in the Aashrivaad brand and more importantly the trust that Indian consumers are reposing in our products, Mr Naware said addressing a press conference here on Tuesday.

``Our research has shown that there is a huge untapped market out there for ready-to-eat format foods. In fact, even among the available brands, there is significantly low awareness among the Indian consumers about ready-to-eat food products. With aggressive marketing we will be able to capture a significant market share. However, in an emerging market it would not be appropriate to project a figure,'' he said.

The initial thrust for the company's foods division based out of Bangalore would be on building the network and reaching out the product across the country. ``Once this is achieved, we will be able to grow the market faster. For instance, initially we will cover all the TLP (ten lakh plus) towns and cities and later take up coverage of five lakh plus towns and cities,'' he said.

``ITC has invested about Rs10 crore in the research and development centre located in Bangalore and we are constantly working on bringing a range of products for the Indian consumers. We have developed a successful outsourcing model wherein the products are sourced from local manufacturers to our specifications and packed in quality packs that help sustain the product and enhance the lifetime,'' he explained.

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ITC Foods divn rolls out ReadyMeals — Eyes Rs 500-cr revenue in 3 years