Philip Morris skirts ban on cigarette investment
Deccan ChronicleNew Delhi: Philip Morris International has for years paid manufacturing costs to its Indian partner to make its Marlboro cigarettes, circumventing a nine-year-old government ban on foreign direct investment in the industry, internal company documents reviewed by Reuters showed. But dozens of internal company documents— including invoice bills, legal agreements, e-mails and accounting statements—show Philip Morris has for years indirectly paid costs related to Marlboro cigarette manufacturing in India. Philip Morris' Director for Corporate Affairs in India, R. Venkatesh, in an e-mail, said the company's "business arrangements with Godfrey Phillips India comply with Indian Foreign Direct Investment Rules". One invoice from January 2018 sent from Godfrey to Philip Morris showed the Indian company had spent Rs 206 million on capital expenditure for Marlboro-related manufacturing activities since 2009.
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Godfrey Phillips rejects FDI norms violation allegations, says in complete compliance with law
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Philip Morris paid for India manufacturing on cigarettes despite ban on foreign direct investment: Report
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Philip Morris paid for India manufacturing amid 9-year-old ban on foreign investment in industry
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