• February 26, 2024

Indian government to sell ITC stake

 Indian government to sell ITC stake

The Indian government is planning to sell its 11.19 percent stake in ITC, reports The Economic Times.

The stake, currently held under a state-controlled entity, the Specified Undertaking of Unit Trust of India, is said to be worth $3.8 billion

An unnamed official noted that the government is likely to set up a committee comprising senior members of the finance ministry to finalize the terms of the transaction.

British American Tobacco, which owns a 29.74 percent stake in ITC, would reportedly not be allowed to bid.