Demonetisation disrupted wholesale distribution channel, says ITC CEO Sanjiv Puri

Kolkata: The ITC on Friday said that the government's demonetisation drive had led to disruptions in the wholesale trade channels for the company's FMCG products.

"In the recent past, there had been disturbances in the wholesale channels due to demonetisation which led to unavailibility of ITC's FMCG products in many stores", CEO of the company Sanjiv Puri said while replying to shareholders' at the AGM here.

Representational image.

Representational image.

The shareholders expressed grievances that ITC's FMCG products were difficult to locate at super stores. The company manufactures a plethora of FMCG (non-cigarette) ranging from shampoo, soaps, biscuits, perfumes, packaged foods and others.

Puri, echoing Chairman Y C Deveshwar, said that there were many practical difficulties in getting store space which would go away once the segment assumed enough scale.

Expressing concern over the taxation on cigarettes, Puri said "It is a major cause for worry".

There had been 202 percent rise in tax which had led to smuggling of cigarettes and shift towards other forms of tobacco consumption.

Regarding the hotels business, he said that the industry was poised for a boom and many property were currently under construction.

ITC recently commissioned the integrated consumer goods manufacturing facility at Guwahati.


Updated Date: Jul 28, 2017 15:44 PM

Also Watch

It's A Wrap: Omerta star Rajkummar Rao in conversation with Parul Sharma
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Thursday, April 19, 2018 Watch: National-level skater and coach Dhwanit Rele trains and nurtures budding athletes
  • Monday, May 14, 2018 FOMO Episode 1: Google Assistant, This is America, Sonam's wedding & Global Warming
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See