News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 7 years ago
Rediff.com  » Business » ITC to sell US subsidiary for Rs 160 cr

ITC to sell US subsidiary for Rs 160 cr

Source: PTI
October 10, 2016 13:45 IST
Get Rediff News in your Inbox:

Diversified group ITC will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for USD 24 million (about Rs 160 crore).

King Maker Marketing, registered in the state of New Jersey, USA, is engaged in the distribution of ITC manufactured cigarette products in the US market.

‘The corporate management committee has approved divestment of company's entire shareholding in King Maker Marketing, Inc, USA, a wholly owned subsidiary, along with assignment of certain trademarks owned by the company,’ ITC said in a BSE filing.

It further said: ‘An agreement for this purpose has been entered into on October 8, 2016... The consideration to be received is estimated around USD 24 million in terms of the share purchase agreement and subject to regulatory approvals and customary closing conditions’.

King Maker Marketing’s product lines are the Ace, Checkers, Hi-Val and Gold Crest brand families, positioned in the value segment of the cigarette industry.

Upon completion of the divestment, King Maker Marketing, Inc, USA would cease to be a subsidiary of the company, the company added.

Shares of ITC were trading 0.71 per cent higher at Rs 240.85 on the BSE. 

Photograph: Rupak De Chowdhury/Reuters.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
Related News: ITC, USA, BSE, Inc, USD
 

Moneywiz Live!