Japan Tobacco to buy Philippines' Mighty for ₹6,000 crore

Japan Tobacco on Tuesday said it would buy Philippines' second largest cigarette maker Mighty for about $936 million (₹6,000 crore). The acquisition will help Japan Tobacco, which sells the Winston, Mevius and Camel brands in the Philippines, challenge the local dominance of PMFTC, a venture owned by Philip Morris and Fortune Tobacco, and also help Mighty pay its unpaid taxes.