ITC is selling its stake in King Maker Marketing for $24 million

ITC, a brand that nearly manufactures everything, is planning to sell its entire stake in “King Maker Marketing” for $24 million.

King Maker Market distributes ITC manufactured cigarette product in the US market and is registered in the state of New Jersey, USA.

"The Corporate Management Committee has approved divestment of company's entire shareholding in King Maker Marketing, Inc, USA, a wholly owned subsidiary, along with assignment of certain trademarks owned by the company," stated ITC.

It further said, "An agreement for this purpose has been entered into on October 8, 2016... The consideration to be received is estimated around USD 24 million in terms of the share purchase agreement and subject to regulatory approvals and customary closing conditions".

At the end of the divestment, King Maker Marketing, Inc, USA would stop to be an auxiliary of the organization, the organization included.