 "This is the second instance in two years that BAT has sold a partial stake in ITC.")
British American Tobacco plc (BAT) still considers its holding in ITC a “strategic investment,” Chief Executive Tadeu Marroco said on Tuesday, days after the UK-based tobacco giant trimmed its stake in the cigarettes-to-soap conglomerate.
On May 28, BAT sold 2.5 per cent in ITC with net proceeds amounting to ₹12,941 crore. The sale reduced BAT’s holding in ITC to 22.93 per cent.
Responding to a question on how the ITC stake should be viewed during a post-results conference, Marroco said, “The ITC stake is still for us a strategic investment. It’s not a financial investment.”
Expanding on the rationale, Marroco
