Britannia Industries Limited is an Indian multinational food products company, which sells biscuits, breads and dairy products. Founded in 1892, it is one of India’s oldest existing companies and currently part of the Wadia Group headed by Nusli Wadia.[4] As of 2023, about 80% of its revenues came from biscuit products.[5]
Beginning with the circumstances of its takeover by the Wadia Group in the early 1990s, the company has been mired in several controversies connected to its management,[6][7] but it continues to hold a large market share.[7][8]
History
The company was established in 1892 by a group of British businessmen with an initial investment of ₹295.[9] Initially, biscuits were manufactured in a small house in central Kolkata. Later, the enterprise was acquired by the Gupta brothers, mainly Nalin Chandra Gupta, an attorney, and was operated under the name V.S. Brothers. In 1918, C.H. Holmes, an English businessman based in Kolkata, was taken on as a partner and The Britannia Biscuit Company Limited (BBCo) was launched. The Mumbai factory was set up in 1924 and Peek Freans acquired a controlling interest in BBCo. During World War II, the government of British India needed a continuous supply of biscuits for British soldiers. The Britannia Biscuit Company supplied biscuits to British Army for several years, at times devoting up to 95% of its production capacity to meet the needs of the armed forces. Biscuits were in high demand during World War II, which gave a boost to the company’s sales. The company name was changed to the current Britannia Industries Limited in 1979. In 1982, the American company Nabisco acquired the parent of Peek Freans and became a major foreign shareholder. In 1978, Britannia came out with its public issue, and its Indian shareholding had increased to 62%, which firmly established Britannia as an Indian company. The 38% foreign stake was owned by the UK-based Associated Biscuits International Limited (ABIL
Reviews
There are no reviews yet.