India’s Britannia Industries is set to close a factory in a Kolkata suburb after all of its permanent workers at the site accepted voluntary retirement schemes.
The biscuit facility in Taratala, which was established in 1947, is set to close after Britannia Industries notified the Bombay Stock Exchange.
The company reportedly had around 150 employees at the facility, according to The Times of India.
It stood as the company’s second-oldest manufacturing unit in India, but “the closure of this 150-worker unit is not expected to significantly impact the company or the state’s revenue,” a source close to the company said, per The Times of India report.
The factory was shut down because it was outdated, according to local reports.
Just Food has contacted Britannia Industries for further details.
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By GlobalData
Britannia Industries’ portfolio features biscuits, bread and cakes, along with dairy products. The company supplies the domestic market and 80 destinations worldwide in North America, Europe, Africa, South East Asia and the Middle East. Brands include Good Day, Tiger, NutriChoice, Milk Bikis, Marie Gold and Little Hearts.
Besides West Bengal, the company has three other biscuit manufacturing plants in the eastern states of Bihar, Odisha and Assam.
In the year ended 31 March 2024, Britannia Industries generated revenue of Rs165.46bn ($1.98n), marking a 3.5% rise on the previous year. Operating profit grew 10.1% to Rs28.69bn.
Vice chairman and managing director Varun Berry said after the group revealed its results in May: “In a tepid consumption scenario, our performance this year signifies resilience and competitiveness. Over the past 24 months, we have achieved a strong 19% growth in revenue, accompanied by a notable 43% increase in operating profit.
“Our market share rebounded as the year progressed as a result of strategic pricing actions to maintain competitiveness and intensified investments in brands, supported by distribution expansion.”
