PMI Reduces Stake in GPI

Source from:  Tobacco Reporter 06/09/2009

Philip Morris International has sold a 10.8 per cent stake in Godfrey Philips India (GPI) to K.K. Modi Group, its partner in the Indian joint venture, according to Ernst & Young. The sale was said to have reduced PMI's holding in GPI to about 25 per cent and given Modi a 47 per cent share. The sale follows local reports that PMI might move the Indian distribution of Marlboro to GPI. Enditem