Income Tax Officials Conduct Raids at Parle-G Offices and Factory in Mumbai’s Vile Parle
Income Tax Officials Conduct Raids at Parle-G Offices and Factory in Mumbai’s Vile Parle
Mumbai: The Income Tax (IT) Department conducted search operations at the offices and manufacturing unit of Parle Products Pvt Ltd, the makers of Parle-G biscuits, in Vile Parle, Mumbai, on March 7. The reason behind the raids remains undisclosed, but officials are currently scrutinizing the company’s financial records.
According to reports, the Foreign Assets Unit and the Investigation Wing of the IT Department are leading the operation, focusing on the company’s financial transactions and overseas assets.
Parle’s Legacy and Financial Growth
Founded in 1929, Parle derived its name from the Vile Parle locality in Mumbai. The company launched its famous Parle-Gluco biscuits in 1938, which later became India’s most iconic biscuit brand.
Parle Biscuits’ profits surged significantly, doubling from ₹743.66 crore in FY23 to ₹1,606.95 crore in FY24, according to PTI. The company’s operating income increased by 2%, reaching ₹14,349.4 crore, while total revenue grew by 5.31% to ₹15,085.76 crore.
Authorities have yet to reveal further details regarding the ongoing investigation, as the company remains under financial scrutiny.
