1 year ago

BAT's stake sale in ITC is almost here

MUMBAI : British American Tobacco Plc is preparing for its long-awaited stake sale in ITC Ltd in the next two weeks, two people aware of the matter said. The stake sale follows BAT chief executive Tadeu Marroco’s 8 February statement during the company’s earnings call that the company was focussed on improving its “financial flexibility". BAT has so far resisted paring stake in ITC as new Indian FDI laws in tobacco do not permit a foreign strategic company to make a fresh investment. As of the end of December 2023, BAT’s subsidiaries— Rothmans International Enterprises Ltd, Myddleton Investment Company Ltd, and Tobacco Manufacturers Ltd—collectively held 29% stake in ITC.

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