Phillips India Ltd has refuted news of a stake hike by
its foreign promoter Philip Morris. K K Modi, representing
the Indian promoters has confirmed that at present there
is no proposal to sell the Indian promoters'' shareholding
in the company to Philip Morris.
a notification to the stock excanges, the company has
said, "With reference to the new item appearing in
leading portal on November 30, 2005, Godfrey Phillips
India Ltd is not aware of any proposal for stake hike
by Philip Morris, the foreign promoter of the company."
the notification adds that the "Company have sought
for comments from the foreign promoters and shall communicate
the same as soon as received."