Working with Indian cigarette maker for new nicotine product would be 'massive opportunity', says BAT CEO
In 2018, the British company turned down ITC's proposal to continue with an equity-based employee stock option.
Fears a 2018-like episode when the foreign shareholder blocked proposal to issue Esops
BAT is unable to increase its stake in ITC as a result of restrictions on non-Indian companies purchasing further shares in Indian tobacco companies
It would bring together BAT brands Dunhill, Kent and Lucky Strike cigarettes with Reynolds American's Camel and Newport