Thursday, May 24, 2007

ITC Hotels acquire 100 % stake in King maker Marketing Inc. (KMM)

ITC Ltd on Thursday said it has acquired the balance 49.02 per cent shareholding of King Maker Marketing Inc (KMM) for an undisclosed amount. After the said acquisition, KMM has become a wholly-owned subsidiary of ITC with effect from May 9, ITC said in a communique to the Bombay Stock Exchange. Earlier on November 6, ITC had consolidated its stake to 50.98 per cent, after which KMM became a subsidiary company of ITC. KMM is engaged in the business of distribution of tobacco products and all its brands are made exclusively by ITC.

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