: Robust innovation at ITC brings handsome gains #FinanceIndia #StockMarketNEWS #Business Makes progress in achieving total recycling of waste New Delhi: Diversified conglomerate ITC Limited has

@StockMarketNEWS Tue 28 Jun, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

Robust innovation at ITC brings handsome gains #FinanceIndia #StockMarketNEWS #Business
Makes progress in achieving total recycling of waste

New Delhi: Diversified conglomerate ITC Limited has established itself as a leading Indian innovator.

From waste reduction, environment conservation to quickly launching products tailored to the dynamic needs of the consumers, the company has recorded handsome achievements on multiple fronts through internal innovation and Research & Development.

ITC continues to make significant progress in reducing specific waste generation through constant monitoring and improvement of efficiencies in material utilisation and also in achieving almost total recycling of waste generated in operations. In FY22, it achieved over 99% waste recycling. Additionally, the company’s Paperboards & Specialty Papers Business recycled over 85,000 tonnes of externally sourced post-consumer wastepaper, thereby creating yet a massive positive environmental footprint. ITC aims to go beyond the requirements of Plastic Waste Management Rules, 2016 to ensure that over the next decade, 100% of packaging is reusable, recyclable, or compostable/biodegradable.

The company is also pursuing a low carbon growth strategy through extensive decarbonisation programmes across its value chain. These include increasing the share of renewable energy, continuous reduction of specific energy, construction of green buildings, greening logistics and optimising ‘distance-to-market’ and promoting regenerative agriculture practices in agri-value chains. In the last financial year, ITC launched over 110 new products to strengthen and enhance its presence in the Fast-Moving Consumer Goods (FMCG) space by leveraging its robust innovation platforms.

Long-time observers of the company believe that the company’s Life Sciences and Technology Centre (LSTC) is to be credited for its ability to constantly innovate and ensure business growth even during unfavourable market conditions.

Based in Bengaluru, LSTC is at the core of driving science-led product innovation to support and build ITC’s portfolio of high-quality products and brands. The LSTC team comprising over 350 highly qualified and experienced scientists has a mandate to work on future-ready science platforms, design differentiated products to address unique consumer needs, and deliver superior benefits.

The Centre is also at the forefront of executing robust R&D strategies and plans that embed sustainability and digitalisation in operations to enable rapid go-to-market timelines, enhanced quality of insights, and long-term competitiveness for every ITC business.

Equipped with state-of-the-art scientific infrastructure and facilities to create deep knowledge base and build intellectual property for ITC through research, rapid prototyping and process development, LSTC has so far facilitated 900 patents.