New Delhi, Feb. 26 -- Company Outsider is a weekly newsletter by Sundeep Khanna. Subscribe to Mint's newsletters to get them directly in your email inbox.

For a student of Indian business, ITC Ltd is one of the most fascinating companies to study. It is difficult to think of another firm that has transitioned from its core business to completely unrelated ones as smoothly and seamlessly.

Globally, there are few examples of such transitions. Apple moved from computers to consumer electronics, while Netflix shifted from DVD rentals to streaming services. Financial services giant American Express started off in 1850, transporting valuable goods, stock certificates and currency before moving on to its current business of credit cards. But i...