Japan Tobacco's Indian JV goes up in smoke

(Business Standard) Confronted with a stringent FDI regime in tobacco, the world’s third largest publicly traded tobacco company, Japan Tobacco Inc, is closing its joint venture in India from December 31. The venture, JT International Indian Pvt Ltd, has already surrendered its licence to manufacture five billion cigarettes per annum to the government.
Japan Tobacco has 50 per cent stake in JT International Indian Pvt Ltd jointly with a Mumbai-based partner. ... Foreign investments in Indian tobacco have long been a contentious issue. Continued