Income Tax Department raids Parle Products's facilities
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Mumbai: The Income Tax (IT) Department conducted a raid on Parle Products Pvt Ltd, the manufacturer of Parle-G biscuits, at its Vile Parle facility in Mumbai on Friday, IANS reported.
As per the reports, the company's offices & factories in Gujarat's Kutchh are also being raided by the sleuths, but the exact reason for the search has not yet been disclosed.
It is learned that the central agency's economic wing is scrutinizing the company's financial documents. The search is being led by the Foreign Assets Unit and the Investigation Wing of the Income Tax Department.
Parle Products was established in 1929 and is believed to have derived its name from the Vile Parle locality in Mumbai. In 1938, the company introduced biscuits under the brand name Parle-Gluco, which gained immense popularity. However, production was briefly halted after India's independence before resuming again.
According to PTI, Parle Biscuits' profits saw a significant rise, doubling from Rs 743.66 crore in FY23 to Rs 1,606.95 crore in FY24. The company's operating income increased by 2% to Rs 14,349.4 crore in 2018-19, while overall revenue grew by 5.31% to Rs 15,085.76 crore.