Health Ministry wants government to exit tobacco firms

The Ministry of Health has made a plea to the Finance Ministry that the government should not own any stake in tobacco firms, said Health Secretary C K Mishra, according to a report in Business Standard on Friday. The appeal comes in the backdrop of criticism from NGOs and activists that the government has been heavily investing in ITC , while arguing that tobacco could kill, the report stated.

Life Insurance Corporation of India (LIC) had a 14.3 percent stake; National Insurance Company, 1.2 percent; Oriental Insurance Company, 1.5 percent; General Insurance Company, 1.8 percent; New India Assurance (NIACL), 1.8 percent; and the Specified Undertaking of Unit Trust of India (SUUTI), 11.1 percent, according to the report which detailed ITC’s September filing with the stock exchanges.

Besides, in VST Industries , a Hyderabad-based cigarette manufacturer and distributer, NIACL had a 1.8 percent, according to the filing.(News Courtesy : moneycontrol)

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