Godfrey Phillips India Ltd has refuted news of a stake hike by its foreign promoter Philip Morris. K K Modi, representing the Indian promoters has confirmed that at present there is no proposal to sell the Indian promoters'' shareholding in the company to Philip Morris.

In a notification to the stock excanges, the company has said, "With reference to the new item appearing in leading portal on November 30, 2005, Godfrey Phillips India Ltd is not aware of any proposal for stake hike by Philip Morris, the foreign promoter of the company."

However, the notification adds that the "Company have sought for comments from the foreign promoters and shall communicate the same as soon as received."