ITC to shift HQ to Guntur from Hyderabad

[Indiatoday2030]

http://www.business-standard.com/article/companies/itc-to-shift-agri-division-hq-to-guntur-from-hyderabad-116043000037_1.html

ITC is shifting its headquarters of Rs 8,000-crore agri-business division, currently at Hyderabad, to Guntur, along with a plan to expand into new commodities, including food-safe spices and millets.

"We are planning to build half-a-million square foot of residential and office space to locate the headquarters of the agri-business division here. The spending may be around Rs 200 crore," ITC chairman Y C Deveshwar said on Friday. He was here for the foundation-laying for the company's My Fortune hotel here. The 144-room hotel is being built at an investment of Rs 145 crore. The company proposes to start operations in the new hotel in 2019.

The company's move comes on the back of its plans on further expanding the agri-business in collaboration with the farmers in Andhra Pradesh, similar to collaboration it has with Guntur tobacco farmers for the past 100 years. The company would be shifting about 500 people to the new location.

[Rendu]

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[tom bhayya]

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[BabuRa0]

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