Kolkata, July 23 (IANS) Hotels-to-cigarettes major ITC plans major investments of around Rs.23,000 crore over the next seven-10 years across all segments of its businesses including consumer goods, paper, packaging and hospitality, a top official said Friday.

"The fast moving consumers goods sector in India is expected to triple in size to over Rs.355,000 crore by 2018," ITC chairman Y.C. Deveshwar told the 99th annual general meeting of the company here.

"I can sight an investment opportunity for ITC of up to Rs.8,000 crore over the next 7-10 years to drive growth in this sector," Deveshwar said, added that in paper, paper board and packaging sector there was an investment opportunity of Rs.6,000 crore.

"At conservative estimate, India needs 50,000 rooms in the next two-three years. This sector, too, carries an investment opportunity for ITC of up to Rs.9,000 crore in next seven-10 years to fuel growth," he said.