ITC is a popular acronym that has two full forms, one is related to a famous company and another is related to the economy. Let’s look at both –
let’s talk about the ITC full form as a company-
ITC full form- Indian Tobacco Company
ITC refers to Imperial Tobacco Company of India Ltd. Which is its former name now it is changed to Indian Tobacco Company since the company transfer into the Indian environment. ITC was established on August 24, 1910.
About ITC and History
ITC was formerly known as Imperial Tobacco Company of India Limited. As it started progressing it was renamed Indian Tobacco Company in 1970.
This multinational conglomerate company is known as I.T.C limited since 1974. It has headquartered in Kolkata, West Bengal.
It is a diversified conglomerate which produces products for the various consumer such as consumer goods, apparel, cigarettes, personal care, etc.
ITC began its manufacturing business in 1979 through paperboards, packaging, and printing.
I.T.C. is one of the leading and foremost private conglomerates, that have a business in different sectors that include Fast-moving consumer goods, Agri-culture business, Cigarettes and Cigars, Information Technology, Hotels, Stationery Products, Branded Apparels, Personal care, Incense Sticks and Safety Matches, Paperboards and Packaging, etc.
ITC has famous personal care brands like – Fiama Di Wills, Vivel, Savlon Soap and Handwash, Essenza Di Wills, Superia and Engage, etc.
Products by ITC
ITC owns a broad range of famous and popular brands. Some of the most trusted and well-known brands of ITC are – Gold Flake, Players, Insignia, India Kings, Bristol, Flake, Silk Cut, American Club, Navy Cut, Scissors, Capstan, Berkeley, Classic, Duke and Royal, Ashirvaad, etc.
Interesting facts about ITC
- ITC began its journey as a British-owned company registered in Calcutta. It was focused on agricultural resources so it made a partnership with farmers in 1911 for leaf tobacco.
- ITC launched its hotel business under the name “ITC – Welcome group Hotel Chola in 1975 after it acquired a Chennai based hotel.
- The total market value of ITC company today is more than 70000 crores and every year this company does a business of more than 12000 crores rupees.
Is ITC an Indian company?
ITC was established as a British-owned company but through the years it progressed and now is recognized as an Indian multinational company.
Does TATA own ITC?
No, TATA is not the sole owner of ITC. The largest shareholder in ITC is British American Tobacco plc which owns 29.4% shares in ITC.
Now let’s look at the other full form of ITC which is associated with the economy.
ITC full form – International Trade Center
This mandate came in form after the United Nations Conference on Trade and Development (UNCTAD).
ITC promotes the idea of international trade to flourish the world economy so even poor countries can improve their economies.
International trade canter has headquartered in Geneva. It was established in 1968.
ITC is operated aiming for following objectives –
- To maximize the availability of cheap goods worldwide
- To set low tariffs in countries
- To make different policies for the world economy
- To have to control over different countries foreign business policies
- Setting different national groups
- Heterogeneous Markets
- International trade is considered as the exchange of goods and services between nations so all nations can maintain adequate living standards.
- ITC is operated by a staff of more than 300 employees of 80 different nationalities
What are International Trade centre programs?
ITC launches different programs to promote international trade in various industries. Here are the few most successful programs by ITC –
- Advancing Afghan Trade in 2016
- EuroMed Trade and Investment Facilitation Mechanism as a free online portal
- Ready4 Trade Central Asia
- EU-Sri Lanka trade-related assistance
- Ethical Fashion Initiative
- Gambia Youth Empowerment Project
- Netherlands Trust Fund
- Non-tariff measures
- She Trades for women
Some other famous full forms of ITC
ITC- International Trade commission- in International Business
ITC- Independent Television Commission- in news and media
ITC- Informational Technology centre- in information technology and computers