印度政府审核日本烟草在合资公司的投资

    印度财政部正在仔细审核世界第三大上市卷烟制造日本烟草公司把外国资金投入其印度合资公司而不增加股权的方式。此交易完成了，绕过了外商投资促进局（FIPB），而且即使该领域的外商直接投资新禁令已经准备就绪了。

    财政部要求公司事务部以及产业政策和促进部（DIPP），调查日本烟草在其当地的合资公司中额外投资了6500万美元（29.3亿卢比）的方式。

    此交易是在3月底结束的，就在政府决定禁止在烟草产品制造领域所有进一步的外商直接投资的几天前进行的。根据此前的法律，这样的制造领域允许百分百的外商直接投资，但是需要得到外商投资促进局的批准。

    同时，印度储备银行还要求产业政策和促进部检查（5月份）发布的禁止烟草产品制造领域新外商直接投资通知的措辞，看看条款是否包括防止“秘密”经常账户流入全球烟草公司设立的伪装为营销服务的分支机构或企业集团的规定。

    日本政府持有日本烟草公司的多数股份。几年前，日本烟草收购了投资于印度的雷诺的国际业务。日本烟草国际（印度）公司，即该公司在当地的一个分支，实际上是同孟买的Thakkar家族设立的一家合资企业，每方拥有50%的股份。日本烟草国际（印度）公司已经累计亏损了12.8亿卢比，在2008年，日本烟草向外商投资促进局提议，允许它进行更多的股权投资，来解决亏损问题，使印度公司站稳脚跟。

    外商投资促进局把这个提议搁置了一年。最终发生的事情是日本烟草国际（印度）公司向母公司日本烟草发行了每股面值为1卢比但溢价为298卢比的新股份，共计29.3亿卢比。它还向印度伙伴发行了相同数量的股份，但是按照票面价值计算，这就意味着他们每股仅支付1卢比。利用这种方式，日本烟草能注入所需的资金，但是没有改变股权结构。在这种情况下，根据印度法，没有必要获得外商投资促进局的许可；它只需要就做完的事情通知政府和印度储备银行。

    政府采取行动来检验这个协议，在非政府机构投诉日本烟草和其他跨国烟草公司利用该法在这个领域投入更多资金的方法后，看看可以做什么事情。日本烟草公司的发言人拒绝对此事发表评论。

    如在给印度储备银行的信中，对国际烟草巨头设立营销服务分支机构或企业集团，尽管它们不直接向零售商出售产品，但是它们把大量的资金用于建设培育品牌和增加销售额的做法方面，它需要做一些事情。日本烟草国际有一家营销服务公司日本烟草国际批发公司，只向批发商销售品牌产品。它还开展营销和品牌建设工作。

    印度烟草业的外商投资长久以来一直是一个有争议的话题。最近，英美烟草提高其在ITC公司中股权的尝试失败了。菲利普莫里斯和乐富门等其他公司也试图在印度设立子公司。

    Japan Tobacco investment in India JV under scanner

    Jul 19, 2010

    Business-standard

    The finance ministry is scrutinising the manner in which the world's third-largest publicly traded cigarette maker, Japan Tobacco Inc (JT), had brought in foreign investment into its Indian joint venture without raising its equity. The deal bypassed the Foreign Investment Promotion Board (FIPB) and took place even as a ban on new FDI in the sector was being readied.

    The ministry has asked the Ministry of Corporate Affairs and the Department of Industrial Policy and Promotion (DIPP) to look into the manner in which JT had pumped an extra $65 million (Rs 293 crore) in its joint venture here.

    The transaction was put through in end-March, a few days before the government decided to ban any further FDI in manufacture of tobacco products. Under earlier law, 100 per cent FDI was allowed in such manufacture, but subject to approval from the FIPB.

    Meanwhile, the Reserve Bank of India has also asked DIPP to examine the wording of the notification (issued in May) banning new FDI in tobacco manufacture, to see if clauses could be included to prevent 'clandestine' current account inflows in the guise of marketing services by subsidiaries or group companies floated by global tobacco firms.

    The government of Japan has a majority stake in JT. Some years earlier, JT had taken over the international business of RJ Reynolds, which had invested in India. JT International (India), the company's arm here, is actually a joint venture with the Mumbai-based Thakkar family, with each partner having 50 per cent stake. JTI (India) has accumulated losses of Rs 128 crore and JT had, in 2008, proposed to FIPB that it be allowed to bring in more equity investment money to address the losses and set the India company on a secure footing.

    FIPB had kept the proposal pending for over a year. What finally happened was that JTI (India) issued fresh equity of a face value of Re 1 each to JT, the parent, but at a premium of Rs 298 a share, aggregating Rs 293 crore. It also issued an equal number of shares to the Indian partner, but at par, which meant they paid only Rs 1 crore. This way, JT was able to bring in the required money, but without changing the equity structure. In which case, there was no need, by Indian law, to take FIPB permission; it was only necessary to inform government and the RBI, which was done.

    The government action to examine the deal and see what can be done follows complaints from non-government agencies on the way JT and other tobacco MNCs have so used the law to bring in more money into the sector. A JT spokesperson declined to comment on the issue.

    As for the RBI letter, it is also triggered by demands that something be done about the marketing services subsidiaries or group companies floated by international tobacco giants that bring in huge amounts of money which is used for building their brands and increase sales even though they can not sell directly to retailers. JT International has a marketing service company, JT International Wholesale, which sells branded products to only wholesalers. It also does marketing and brand-building work.

    Foreign investments in Indian tobacco have long been a contentious issue. British American Tobacco had, in the recent past, made an aborted attempt to increase its shareholding in ITC Ltd. Other companies like Phillip Morris and Rothmans have also tried to set up subsidiaries in India.