In my limited reading from release on your link, I think this is more for exports of Tobacco and does not at least in my reading, providing any information about relaxation in FDI in cigarette sector. Secondly, in agri business, ITC also involved in tobacco exports. So it may mean more competition from other players in case modifications are allowed. In my view, in case this approved, it would have marginal negative impact, too the extent competition increase from export based tobacco firms.
Discl: my view may be biased as ITC is now my largest holding and I have added during last one month. Not a SEBI registered investor, not recommending investment.