Wary of British American Tobacco, govt may not budge on ITC stake sale

Fears a 2018-like episode when the foreign shareholder blocked proposal to issue Esops

The government does not plan to sell its stake in ITC, according to a top government official, as it fears increased influence of British American Tobacco (BAT) in operations of the tobacco-to-hospitality conglomerate. This comes at a time when India is privatising public sector undertakings (PSUs), inviting global players to take part in the drive.
 
The government has not sold any stake in ITC, held through Specified Undertaking of the Unit Trust of India (SUUTI), since June 2018.
 
“That’s an irony. The government has taken a bold step to privatise PSUs, and limit their presence, but it doesn’t