ITC has much food for thought: Co pitched big growth in its packaged foods biz, but numbers tell otherwise

India's largest cigarette maker ITC is experiencing a slowdown in its food business. Market share has flattened or declined in biscuits, western snacks, and juices. The company is investing in new launches and acquisitions to boost its portfolio. This comes as cigarette taxes increase, impacting sales. ITC aims for a diversified FMCG presence.