ITC ups stake in King Maker to 50.98%
ITC has informed the BSE that the company has increased its shareholding in King Maker Marketing, Inc, USA (KMM), from 50 per cent to 50.98 per cent, effective October 25, 2006.
Consequently, KMM, which was primarily in the business of distribution of tobacco products, became a subsidiary of the company from the date.
Sources said the character of the company could change after the increase in shareholding.
In the past, KMM had been focussed on exporting ITC cigarette products and trading in cigarettes and ‘roll-your-own’ smoking mixtures in the United States market.
But now it could be used for taking up exports of the ITC food products range, which included products like Kitchens of India ready-to-eat meals, staples under the Aashirvaad range, the Sunfeast biscuits assortment, the Candyman confectionery products and also instant mixes.
The acquisition was cleared by the ITC board at its meeting on October 30.
KMM was not a very large company and its revenue would now be reflected in the consolidated balance-sheet for fiscal ending March 31, 2007.
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