ITC has concluded the divestment of 100% stake in US-based King Maker Marketing, Inc., USA pursuant to which it ceased to be a subsidiary of the company with immediate effect.
Earlier, the company had informed that it will be divesting 100% of its equity stake in US-based King Maker Marketing Inc for an estimated consideration of $24 million. The FMCG major had entered into an agreement with the US-based buyer, Premier Manufacturing Inc, to sell its shares in the subsidiary company on October 08, 2016.
ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
