The KK Modi Group, which owns ~47% in GPI, is also believed to be in talks with long-time partner Philip Morris International for a similar deal, according to the newspaper.
GPI’s manufacturing and marketing operations may be split into into separate entities to facilitate the move, reports the daily. JT would then acquire a majority stake in the newly-created marketing & distribution company.
JT surrendered its manufacturing licence and exited India in 2011 after revised FDI regulations halted further foreign investments in the tobacco manufacturing sector.
Talks with the KK Modi Group hinges on the premium JT may be willing to pay for a controlling stake, according to the newspaper
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