FMCG major ITC Ltd is contemplating making an entry into the retail sector as soon as real estate deals become more transparent.
Speaking at the company's recent annual general meeting, Chairman YC Deveshwar said, "Over the next five years, all the cash that we have will be exhausted if our plan becomes successful." He added that ITC has reserved around Rs 10,000 crore for this purpose.
He also did not rule out an entry into financial services. Some shareholders were of the opinion that ITC should take a look at investment banking and run mutual funds.
To this, Deveshwar said, "We will not do that until such time when we feel that we would be able to do it better than others." About venturing into the power sector, he said, "We don't feel that we have the core competency to go into that. We can leave that for a later date."
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