Japan Tobacco Decides To Leave India Operations
12:48 AM
Alexis
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The decision by the world’s third-largest tobacco company by sales volume is based on “…several foreign investment, regulatory, duty and tax-related uncertainties,” Proful Lall told Dow Jones Newswires.
He didn’t say when or how the company would exit its India operations.
Japan Tobacco, which operates in India through a local joint venture company, has only a very small presence in the country, selling the Winston and Gold Coast cigarette brands.
Its requests to raise its stake in JT International India Pvt. Ltd. to 74% from 50% were not cleared by the country’s Foreign Investment Promotion Board before April 2010, when 100% foreign direct investment was allowed in cigarette manufacturing.
But in April 2010, the Indian government banned fresh foreign direct investment in cigarette manufacturing altogether.
The government has been making legislation stricter for the cigarette industry.
Smoking has been banned in public places, and the federal and state governments have been increasing taxes on cigarettes and trying to make it mandatory for cigarette makers to display more graphic health warnings on their packs.
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