NEW DELHI: Indian cigarette manufacturer Godfrey Phillips on Monday said it was in compliance with the country's foreign direct investment rules, following a Reuters article that alleged it circumvented the laws.
On Monday, Godfrey told India's National Stock Exchange"the suggestion of alleged violation of the FDI laws of India is completely misconceived and misplaced".India in 2010 prohibited FDI in cigarette manufacturing, saying this would enhance efforts to curb smoking.Ahead of the ban, Philip Morris formed a new wholesale trading company with Godfrey.
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