Tracking the growth of ITC in the presence of Y.C Deveshwar, Chairman
From initially being a steadfast Cigarettes and Tobacco business to encompassing FMCG such as foods, Personal Care, Branded Apparel, Education & Stationery Products, Agri-Business, Information Technology and Hotels, ITC has progressed rapidly and brought distinct changes in the Indian business profile. ITC was established in August 1910, under the name Imperial Tobacco Company of India Limited in Kolkata and as the company’s ownership progressed, the company name changed from I.T.C Limited and then finally to ITC in 2001.
Mr. Yogesh Chander Deveshwar joined ITC in 1968 after completing his studies from IIT Delhi and Harvard Business School, when the company was still a Cigarettes & Leaf Tobacco and Packaging & Printing business. In 1975, ITC witnessed the beginnings of momentous change in the company by establishing its grounds in the hospitality sector, introducing ITC-Welcom group. In 1984, Deveshwar’s leadership came in to effect and the company echoed ‘India First’ in its new strategy of creating a value chain. In 1990, ITC set up the Agri-Business Division for export of agri-commodities. It was through Deveshwar’s unique & widely acknowledged e-Choupal initiative in 2000, the Agri services vertical has been focusing on improving the productivity of crops while deepening the relationship with the farming community.
Since then, he has championed the cause of Sustainability worldwide bringing in to focus the need to innovate corporate strategies that not only enhance shareholder value but add significantly to the development of natural and social capital by having comparable dimensions to be ‘carbon positive’, ‘water positive’ and ‘solid waste recycling positive’. He was appointed as a Director of the Board of the Company on April 11, 1984 and became the Chief Executive and Chairman of the Board on January 1, 1996. This growth had led the Harvard Business Review to rank him as the 7th Best Performing CEO in the world. In 2011, Deveshwar was conferred the Padma Bhushan and several other awards and recognitions during his distinguished career.
In 2012, ITC was awarded the World Business and Development Award at the Rio+20 United Nations Summit by the Commerce and the International Business Leaders Forum for its Social and Farm Forestry Programme.
Deveshwar has guided ITC to become Indian’s foremost FMCG marketer, the country’s largest and greenest Paperboards & Packaging Business, a globally acknowledged pioneer in farmer empowerment through its wide-reaching Agri-Business, the second largest Hotel Chain in India and a trailblazer in ‘green hoteliering’
Sanjiv Puri, mentored by YC Deveshwar for the dual role of chairman-cum-managing director, is now appointed as ITC’s Managing Director. He has, just like his predecessor, rapidly rose through the ranks and established himself firmly in the company over the years.
