Godfrey Phillips rejects FDI norm violation allegations

Reading Time: < 1 minute Post Views: 2,107 Godfrey Phillips India Limited said that the suggestion of alleged violation of the FDI laws of India is completely misconceived and misplaced. The company said that it has entered into a commercial arrangement with IPM Wholesale Trading Private Limited (an Indian entity and affiliate of Philip Morris International Inc., USA) to manufacture Marlboro cigarettes in India in May 2009 which is a year before May 2010 when the restrictions on FDI in manufacture of cigarettes came into being. The commercial arrangement referred to above is in complete…

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