Japan Tobacco International is in talks with the KK Modi Group to acquire part of its 47 percent stake in the Indian cigarette manufacturer Godfrey Philips India (GPI), according to a Financial Express story relayed by the TMA.
The move is seen as a possible attempt by JTI to re-enter the Indian market, which it abandoned in 2011 after surrendering its manufacturing license because revised foreign direct investment regulations banned additional foreign investments in the tobacco sector.
The JTI story comes close on the heels of media reports that Philip Morris International is negotiating with GPI for a possible takeover of GPI’s cigarette brands.