ITC Ltd.

ITC 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 has entered into an agreement with the US-based buyer, Premier Manufacturing Inc, to sell its shares in the subsidiary company on October 08, 2016. The sale is expected to be completed by November 30, 2016.

The corporate management committee has approved divestment of company’s entire shareholding (204 shares of common stock with no par value) in King Maker Marketing Inc, US, a wholly-owned subsidiary, along with assignment of certain trademarks owned by the company, pursuant to the authority given by the Board of Directors of the company.

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.