AZB & Partners advised Citigroup Global Markets India Private Limited and Goldman Sachs (India) Securities Private Limited (the “Brokers”) in relation to the sale of a 2.5% stake in ITC Limited by Tobacco Manufacturers (India) Limited. The transaction, executed through a block trade, was valued at approximately USD 1.5 billion (INR 129.40 billion).

The deal strengthens capital markets activity in the diversified FMCG sector and underscores continued investor interest in ITC Limited, one of India’s leading conglomerates. The AZB & Partners team comprised Varoon Chandra (Partner), Lionel D’Almeida (Partner), and Rahul Aggarwal (Partner).