ITC Foods launches Aashirvaad ReadyMeals

Company press release, August 4, 2003

Ahmedabad

ITC after successfully establishing Kitchens of India, with the offering of Ready to eat gourmet cuisines, brings you "Aashirvaad ReadyMeals", a range of high quality great tasting wholesome ready to eat everyday dishes. Speaking at the launch, Mr. Ravi Naware - Divisional Chief Executive, ITC Limited - Foods Division said, "the launch of "Aashirvaad ReadyMeals" is the first of its kind catering to the Indian convenience food market from the Ready-To-Eat Business of ITC Foods.

Aashirvaad ReadyMeals - positioned as "Quick to heat, Delight to eat" leverages on the functional and emotional aspects of the product. The name connotes convenience and everything that is pure and healthy.

NO PRESERVATIVES

Aashirvaad ReadyMeals gives you all the goodness and flavour of freshly cooked, delicious food, created with a delicate balance of spices and ingredients. The original freshness and taste is carefully preserved in a unique packaging form that retains the freshness and taste, without the use of any preservatives. All you need to do is "Just Heat and Eat"

Mr.Naware said, "This latest offering is in tune with the company's strategic direction to develop new product lines by synergising its proven competencies. We believe that our understanding of the Indian consumer is reflected in the increasing confidence in the "Aashirvaad" brand and more importantly the trust that Indian consumers are reposing in all our products".

Aashirvaad ReadyMeals will be competitively priced at Rs.35/- for 285 grams of Rajma Masala, Dal Makhani and Aloo Mutter and Rs.40/- for 285 grams of Navratan Korma and Palak Paneer.

"We will establish our presence nationally in phases. In phase I of our launch plan, Aashirvaad ReadyMeals will be available in Hyderabad, Bangalore, Kolkata, Mumbai, Delhi, Chennai, Ahmedabad and Pune and be present in over 10,000 retail outlets" added Mr. Naware.

Aashirvaad ReadyMeals - Initial Offerings

Rajma Masala: Kidney beans mildly tempered with Indian herbs and spices gravy - Serves 2 people, priced at Rs. 35/- 285grams.

Navratan Korma: Garden fresh vegetables cooked in special gravy - Serves 2 people, priced at Rs. 40/- 285grams.

Dal Makhani: The black lentil delicacy cooked in tomato puree, butter and fresh cream - Serves 2 people, priced at Rs. 35/- 285grams.

Aloo Mutter: Potatoes and green peas cooked in simple homemade gravy - Serves 2 people, priced at Rs. 35/- 285grams.

Palak Paneer: Cubes of cottage cheese, cooked in fine puree of spinach and spices - Serves 2 people, priced at Rs. 40/- 285grams.

About ITC Foods

The "Foods Division" is the most recent diversification of ITC Group. ITC's decision to enter the foods business is part of a strategic decision to develop new product lines by synergising its core competencies in building brands, understanding the Indian consumer's requirements and its strong distribution network as well as its established culinary expertise. ITC Foods markets the ready-to-eat category with its flagship brand "Kitchens of India" and now "Aashirvaad ReadyMeals". Apart from this, ITC Foods also markets "Minto" - targeting the adult confectionery market & "Candyman" - targeting the hard-boiled sweets segment. Under the Aashirvaad brand, ITC has already established Atta and salt. All these products have been received very well by the consumers.

For further information, please contact:

Priyank Talati

Vaishnavi Corporate Communications

Phone: (079) 644 1517, 644 2128

Mobile: +91 9824352113

Email: Priyank@vccpl.com