ITC Ltd clarified that the Company's Foods Division, as part of its business portfolio, launches various value added variants to augment its product range. Entry into the 'Dairy' and 'Juices' category are some of such initiatives.
We would also advise that the news item under reference seems to paraphrase what has been covered in the Speech delivered by the Chairman at the Hundred and Third Annual General Meeting of the Company held in July 2014 and news reports published in various newspapers. The Chairman's Speech referred to is in the public domain and copy thereof was also submitted to the Stock Exchanges vide our letter dated 31st July, 2014.
While on the subject, we understand that under Clause 36 of the Listing Agreement listed companies are required to advise the Stock -Exchanges of 'material events'; the proposed initiatives referred to in the news item may impact the operations / performance of the Company materially only in the long term."
Earlier Exchange has sought clarification from ITC Ltd with respect to news article appearing in The Economic Times on December 09, 2014 titled "ITC Lines up Rs 1 Lac Crs Dairy and Juice Biz foray"