Incorporated on 24 August 1910 as the Imperial Tobacco Company of India Limited, the company's name was changed to ITC Limited in 1974. This company is rated among the 'World's Best Big Companies' by Forbes magazine. ITC ranks third on all major profit parameters among India's private sector corporations. ITC employs over 20,000 people at more than 60 locations across India. ITC is one of India's foremost private sector companies with a market capitalization of over US $ 13 billion and a turnover of US $ 3.5 billion. ITC has a diversified presence in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, branded apparel and greeting cards. ITC's agri-business is one of India's largest exporters of agricultural products. A wholly-owned subsidiary, ITC InfoTech India Limited, provides end-to-end IT solutions, including e-enabled services and business process outsourcing. Since its establishment in 1992, ITC continues to show leadership, flexibility, and creativity in its business and community approaches. The company's growth record since it began production in late 1994 has been increasing steadily. As we begin the new century, ITC is at the heart of the Kingdom's fastest growing establishments. Its success stems from its business acumen, its pursuit of excellence, and its company family spirit. History of Industry
The history of Jordan's cigarette industry is relatively young, with its beginnings in the early 1930s; National Tobacco Company (NTC) owned by British American Tobacco (BAT) was formed first, followed by Jordan Tobacco and Cigarette Company (JTC), a locally owned establishment. Both were small, using local and imported tobacco, with just the cigarette making and cigarette packing (secondary) production lines functional. In 1971, NTC was forced to close because of competition. JTC remained alone dominating the Jordanian market, mainly due to a restriction on imported cigarettes enforced by the Ministry of Supply until 1989. JTC was also engaged in limited export activities and in 1994 it formed an agreement with RJ Reynolds. By 1992, the Jordanian market became more conducive to active competition and a group of investors established International Tobacco and Cigarette Company (ITC), launching its first products two years later. ITC gained a sizeable percentage of the market with its high quality and affordable brands. JTC, as well as the Ministry of Supply, which imported multi-national brands in controlled quantities, dominated a substantial portion of the local market. Within two years, ITC had established a solid reputation as a world-class competitor. In 1993, ITC formed a five-year agreement with Rothmans International Company, to produce Rothmans brands. In 1998, ITC signed an under-license agreement with Philip Morris and produced L&M (both the full flavor and the lights). With all these products, ITC controlled substantial market share. ITCs agreement with Philip Morris is ongoing and now includes all its cigarette products. In the meantime, the Union Tobacco Company (UTC), founded in association with BAT to produce the latter's products under license, gradually gained a sufficient share of the local market. Today, ITC dominates 96% of Jordan's local brands, which represents 25% of the total market. Philip Morris, BAT, and Japan Tobacco Company (RJ Reynolds), share the medium-upper segment, representing 75% of the total market.
VISION AND MISSION OF ITC
“To use our advanced technologies to develop premium products at reasonable prices, maintain this competitive advantage, and ally with long-term regional and international partners, through total management employee commitment, leading to a rewarding growth in sales...