ITC Ltd Expands Global Reach with New Subsidiary in Italy

ITC Ltd has announced a strategic expansion in its global operations through a recent stock exchange filing. ITC Infotech India Limited (I3L), a wholly owned subsidiary of ITC Ltd, has established a new wholly owned subsidiary in Italy named ITC Infotech Italia s.r.l. (Infotech Italy). The incorporation of Infotech Italy was officially completed on July 23, 2024, with the registration certificate confirming its establishment received by I3L.

Infotech Italy will operate in the information technology services and solutions sector, aligning with ITC Infotech’s global strategy to enhance its international footprint. The newly formed entity has been incorporated with a share capital of EUR 10,00,000, fully subscribed by I3L. This move marks Infotech Italy as a step-down wholly owned subsidiary of ITC Ltd, further extending the company’s global presence.

The primary objective of establishing ITC Infotech Italia s.r.l. is to strengthen and expand client relationships within Italy. This expansion is expected to deepen ITC Infotech’s engagement with local and regional clients, leveraging Italy’s dynamic market to drive growth and deliver advanced IT services and solutions.

With this new subsidiary, ITC Ltd aims to build on its existing international capabilities, enhance its market position in Europe, and explore new opportunities in the Italian IT sector. This strategic development underscores ITC Ltd’s commitment to growing its global footprint and delivering value to its stakeholders through enhanced operational capabilities and expanded market reach.

About ITC Ltd

ITC is the largest cigarette manufacturer and seller in India. The company operates in five business segments, which includes FMCG Cigarettes, Hotels, FMCG Others, Agri Business, Paperboards and Paper and Packaging. For the fiscal year 2024, the company reported a gross revenue of ₹69,446 crore, reflecting a 6.8% increase excluding the Agri Business segment. Additionally, the Profit After Tax (PAT) reached ₹20,422 crore, marking an 8.9% rise compared to the previous year.

On July 25, 2024, the share price of ITC Ltd opened at ₹490.00, touching the day’s high at ₹496.00, as of 10:24 AM on the NSE.

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