The Income Tax (IT) Department raided Parle Products Pvt Ltd, a Parle-G biscuit manufacturing unit in Mumbai's Vile Parle, on Friday, March 7. The Foreign Assets Unit and the Investigation Wing of the IT Department are leading the search. However, the reason for the raid has not been revealed yet. At present, the central agency's economic wing is examining the company's documents.
Parle-G biscuit manufacturing company was incorporated in 1929. The company is believed to have derived its name from Vile Parle in Mumbai. In 1938, the company started making biscuits under the name Parle-Gluco. At that time, the popularity of this biscuit increased significantly. However, its production was halted for some time after independence.
According to PTI, Parle Biscuits' profit doubled to Rs 1,606.95 crore in FY24 from Rs 743.66 crore in FY23. Its operating income rose by 2% to Rs 14,349.4 crore in 2018-19. In terms of revenue, it increased by 5.31% to Rs 15,085.76 crore. These figures indicate that the demand for Parle Biscuits remains strong.