ITC cigarette rev is +15% YoY in FY21.5/8 The other large ITC shareholder, ~30%, is Tobacco Manufacturers (India), an Indian subsidiary of British American Tobacco (BAT), an $85B company with $30B in rev, once the biggest tobacco company in the world and part of the big 5.6/8 BAT and ITC have been in a war since 1994 because BAT wanted to increase its stake and focus on tobacco, but ITC wanted to expand into a conglomerate business
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