ITC to Sell Entire Stake in US Subsidiary For $24 Million
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 ...