PM To Raise Stake in India (fwd)

[Robert Weissman <rob@essential.org>]

Philip Morris reportedly to raise stake in
Indian venture

April 6, 1999
					
BOMBAY, AFX via NewsEdge Corporation :
Philip Morris Cos Inc is close to an agreement
to raise its stake in its Indian joint venture
Godfrey Philips India Ltd, the Business
Standard newspaper reported. 

Philip Morris currently holds a 36.18 pct stake
in the venture, while the Modi group holds
31.25 pct. 

The paper gave no further details of the
planned stake increase. 

The report said Philip Morris is keen for an
early Indian launch of its Marlboro brand of
cigarettes to compete with rival brands. 

Godfrey Philips India has a 15-20 pct share
of the domestic cigarette market. 

as/jfr 

[Copyright 1999, Agence France
Press/Financial Times]