Britannia
The company was established in 1892, with an investment of Rs.295.[4] Initially, biscuits were manufactured in a small house in centralKolkata. Later, the enterprise was acquired by the Gupta brothers mainly Nalin Chandra Gupta, a renowned attorney,and operated under the name of "V.S. Brothers." In 1918, C.H. Holmes, an English businessman 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 UK, acquired a controlling interest in BBCo. Biscuits were in big demand during World War II, which gave a boost to the company’s sales. The company name finally was changed to the current "Britannia Industries Limited" in 1979. In 1982 the American company Nabisco Brands, Inc. became a major foreign shareholder.
The 'Biscuit King'[edit]
Kerala businessman Rajan Pillai secured control of the group in the late 1980s, becoming known in India as the 'Biscuit King'.[5] In 1993, the Wadia Group acquired a stake in Associated Biscuits International (ABIL), and became an equal partner with Groupe Danonein Britannia Industries Limited.
In what The Economic Times referred to as one of [India's] most dramatic corporate sagas,[6] Pillai ceded control to Wadia and Danone after a bitter boardroom struggle,[7] then fled his Singapore base to India in 1995 after accusations of defrauding Britannia, and died the same year in Tihar Jail.[8]
Wadia and Danone[edit]
The Wadias' Kalabakan Investments and Groupe Danone had two equal joint venture companies, Wadia BSN and UK registered Associated Biscuits International Holdings Ltd., which together held a 51 per cent stake in Britannia.[9] The ABIH tranche was acquired in 1992, while the controlling stake held by Wadia BSN was acquired in 1995. It was agreed that, in case of a deadlock between the partners, Danone was obliged to buy the Wadia BSN stake at a "fair market value". ABIH had a separate agreement signed in 1992 and was subject to
The 'Biscuit King'[edit]
Kerala businessman Rajan Pillai secured control of the group in the late 1980s, becoming known in India as the 'Biscuit King'.[5] In 1993, the Wadia Group acquired a stake in Associated Biscuits International (ABIL), and became an equal partner with Groupe Danonein Britannia Industries Limited.
In what The Economic Times referred to as one of [India's] most dramatic corporate sagas,[6] Pillai ceded control to Wadia and Danone after a bitter boardroom struggle,[7] then fled his Singapore base to India in 1995 after accusations of defrauding Britannia, and died the same year in Tihar Jail.[8]
Wadia and Danone[edit]
The Wadias' Kalabakan Investments and Groupe Danone had two equal joint venture companies, Wadia BSN and UK registered Associated Biscuits International Holdings Ltd., which together held a 51 per cent stake in Britannia.[9] The ABIH tranche was acquired in 1992, while the controlling stake held by Wadia BSN was acquired in 1995. It was agreed that, in case of a deadlock between the partners, Danone was obliged to buy the Wadia BSN stake at a "fair market value". ABIH had a separate agreement signed in 1992 and was subject to