Britannia Biscuit, this name needs no introduction. Now a big news has come about it that this giant company, which has been doing business since before independence, is going to close its Kolkata unit. Britannia has also given this information by giving notice to the employees working here. On the other hand, a political war of words has also started in the state regarding this decision of the company and BJP and TMC are accusing each other. Let’s know what is this whole matter…
The history is before independence
The closure of this factory of Britannia Biscuit is the end of an era in the industrial landscape of Kolkata. Actually, this is the historic factory of Britannia Industries Limited located in Taratala. Let us tell you that today Britannia, a company worth thousands of crores, started making biscuits in the year 1892 from a small shop in Kolkata with an investment of just Rs 295. Then during the Second World War, its business grew so fast that it reached every home. According to earlier media reports, the company was started by British businessmen and later the Wadia Family took over its command.
After coming to the Wadia family, they decided to take Britannia biscuits further and in 1910 started making biscuits with the help of an electric machine. Then in 1921, to increase production, the company started importing industrial gas ovens and when the business grew, a factory was set up in Mumbai in 1924. Today, the business of Britannia Industries is spread across more than 60 countries of the world. Britannia has 13 factories in India. The company’s annual revenue is more than Rs 9000 crore.
Production was closed since May 2023
The closure of the historic factory of this company located in Taratala, which started from Kolkata, is a big setback for the economic history of the city as well as for the employees working in it. However, the company said that production in this unit was closed since May last year and now it has announced to shut it down completely. The company has also assured a huge amount to the employees on taking voluntary retirement from service. 122 permanent employees and about 250 contract workers were working in this unit of Britannia for the last 10 years, who are now going to be unemployed.
War of words in political corridors
A political war of words has also started on the company’s decision to close the Kolkata unit of Britannia Biscuits. Union Minister and BJP state president Sukanta Majumdar said that the industry will not come at all in the presence of a party which always extorts money and the Chief Minister also has an anti-industry image. At the same time, BJP leader Amit Malviya criticized the state government through a post on his Twitter (now X) account, saying that the closure of Britannia Industries’ factory today is a symbol of Bengal’s decline. On the other hand, countering the sharp attacks of BJP, TMC leader Kunal Ghosh said that the management of the concerned industrial organization has some of its own issues, those who are mixing it with the overall industrial situation of the state are doing wrong.
Effect will be seen on the stock today!
The effect of the news of the closure of this Britannia factory, led by the Wadia family, the oldest business house in the country, can also be seen on the company’s shares on Tuesday. On Monday, the last trading day, the stock of the company with a market capitalization of Rs 1.28 lakh crore, Britannia Share, was trading in the green mark and closed at the level of Rs 5,297.80. In the last five years, the stock of Britannia Limited has almost doubled the money of investors.
