ITC Ltd, which has recently entered into the packaged and branded food products business to exploit the growth opportunity by leveraging its trade and distribution skills and agri-sourcing capabilities, is aiming at an annual turnover of Rs 500 crore (Rs 5 billion) from its latest diversification in four years time.

As part of the business strategy to achieve the target, the company unveiled in Hyderabad on Tuesday a range of vegetarian curries and gravies under the "Aashirvaad ReadyMeals" brand.

This is in addition to the existing brands of Kitchens of India gourmet foods, Minto confectionery, Candyman hard-boiled sweets and I Bischips baked snacks that were launched in the last one year. Under the Aashirvaad brand, ITC has already launched atta and salt.

The initial offerings under Aashirvaad ReadyMeals include Rajma Masala, Navratan Kurma, Dal Makhni, Aloo Matar and Palak Paneer.

Positioned with a tagline "quick to heat and delight to eat", the products are priced at Rs 35-40 per each pack of 285 grams.

In the phase-I of the launch plan, these products are made available in Hyderabad, Bangalore, Kolkata, Mumbai, Chennai, Ahmedabad and Pune.

"Recipes for these products have been standardised by the master chefs at ITC hotels. Though prepared with 100 per cent natural ingredients without the use of any preservatives, they have a shelf-life of 9 to 12 months and it takes only five minutes to get the curries ready," said Ravi Naware, chief executive officer, foods division of ITC.

ITC has invested about Rs 10 crore (Rs 0.10 billion) on its Product Research and Development Centre, Bangalore, which will impart to the food business the ability to develop a range of products. Manufacturing of these products is done on outsourcing model.

"Packaged and branded food products business has a tremendous potential in the country. It has just started growing. We want to become leaders in the business and we will be developing the market by reaching all the target consumers," Ravi Naware said.

"We aim to launch several items under the Aashirvaad ReadyMeals brand to cover breakfast and lunch categories. We will also include several South Indian dishes like Sambar rice as we expand the product range," he added.