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ITC stake strategic investment, not financial: BAT chief executive Marroco
Marroco also confirmed that BAT would keep its two directors on the ITC board so that it has an influence
Ishita Ayan Dutt Kolkata
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
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