Having diversified into FMCG and other businesses, tobacco giant ITC has got shareholders' nod to enter the healthcare sector and plans to set up multi- specialty hospitals across the country.
The company had sought approval from its shareholders to alter Memorandum of Association of the company to include 'Healthcare' through a special resolution on January 27.
The resolution has been passed by the members "by requisite majority", ITC said in a regulatory filing. In January, ITC said that its board of directors had recommended seeking shareholders' approval for the alteration of the objects of the clause of its MoA.
The Kolkata-based firm, for which tobacco still accounts for big chunk of the revenue, plans to set up multi-specialty hospitals and leverage its experience in hospitality for tapping into the expanding medical tourism segment in India.
The board of directors of the company had "recommended exploring and entering the area of health in India by way of setting up state of the art world class multi specialty hospitals", ITC had said in a notice to the shareholders.
The move is in the context of the company's vision to "sub-serve national priorities which has driven the company's operations, diversification initiatives and CSR policies and practices", it had added.
"Such initiative would leverage the company's repertoire of knowledge and experience in the hospitality and tourism sector and can be used for medical tourism for the country using the multi-specialty world class facilities," it had said. ITC will compete with the likes of Chennai-based Apollo Hospitals, Fortis and Max Healthcare which are among the major private players in the sector. The company is looking at the whole gamut of healthcare. These include business of multi speciality hospitals, medical and health care centres, mobile health centres, nursing homes, diagnostic centres, dispensaries, pharmacies, clinics, laboratories, polyclinics, drug and medical accessories stores.
