ITC buys out US-based tobacco maker

New Delhi, May 20: Country's largest tobacco maker ITC Ltd has said it has picked up the balance 49.02 per cent shareholding in US-based King Maker Marketing, Inc (KMM) for an undisclosed amount.

KMM -- involved in the making of high quality cigarettes and tobacco -- has now become its wholly-owned subsidiary effective from May 9, 2007, a statement said.

KMM's line of products is exclusively manufactured by ITC Ltd, one of the largest publicly traded companies in India.

With a share of more than 70 per cent in the tobacco market, ITC has substantial business interests in hotels, packaging, specialty papers and paperboards and agribusinesses.

UNI