ITC Ltd. is considering a bid to buy a stake in Coffee Day Enterprises Ltd. as the nation’s biggest cigarette maker seeks to diversify its businesses, according to people familiar with the matter. The maker of Classic and Gold Flake cigarettes has been given access to Coffee Day’s assets and financial for due diligence, said the people, who asked not to be identified as the discussions are private. ITC could be vying with Coca-Cola Co., which has evaluated India’s biggest cafe chain but hasn’t made a formal offer, said one of the people.
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