Juul has already started hiring executives, according to Reuters' source. The plan “is currently at an exploratory stage, but the company needs people on the ground in India”, the source said.
The drive to launch in India is part of the company’s wider Asia strategy and to introduce their products to the Indian market, Reuters reported. India has 106 million adult smokers, second only to China in the world, making it a profitable market for companies like Juul, according to Reuters. India's regulatory environment for tobacco and e-cigarettes is restrictive: In 2018, the Ministry of Health advised states to stop selling or importing e-cigarettes. Eight of India's 29 states currently ban e-cigarettes.
According to Euromonitor International, India’s vapour-products market was valued at only USD 15.6 million (EUR 13.64 million) in 2017, but annual growth of almost 60 per cent is expected by 2022.
Altria Group Inc. paid USD 12.8 billion (EUR 11.19 billion) last month to acquire a 35 per cent stake in Juul, a move designed to improve the company's international growth prospects.