FMCG Sector

The company's board has also approved the formation of ITC Hotels Ltd, a wholly-owned subsidiary that would manage the company's hotels.

The company stated that domestic revenue growth is expected to accelerate, with pricing and volume growth progressively ramping up.

Over the last year, the company increased its distribution network by directly accessing around 27.9 lakh shops and adding around 2,000 rural distributors.

The Company, its officers, and authorised signatories were asked to explain why an input tax credit of ₹27,46,14,343 should not be recovered.

Suresh Narayanan, chairman and managing director of Nestlé India, expressed that this collaboration will empower them to develop a strong retail and distribution infrastructure.

The company, which also sells Maggi noodles, Kitkat chocolates, and Nescafe coffee, said in a statement that its products were manufactured in the country "in full compliance" with CODEX standards.

Dabur India Ltd. is one of India's biggest FMCG companies, with revenues of over ₹11,530 Crore and a market capitalization of over ₹96,500 Crore.

BAT CEO Tadeu Marroco stated that he is not aiming to dilute any more interest since BAT wants to maintain an impact on the ITC board.

The block trade sale of ITC shares will reduce the single-largest shareholder's position to roughly 25.5%.

The IPO is solely comprises an offer-for-sale (OFS) of shares worth ₹650 Crore