Bombay Burmah Trading Corporation

Last updated

The Bombay Burmah Trading Corporation Limited
Type Public
ISIN INE050A01025
PredecessorWallace Bros & Co.
Founded1863;160 years ago (1863) [1]
FoundersWallace brothers
HeadquartersWallace Street, Fort,
Mumbai, Maharashtra
,
India
Area served
Worldwide
Key people
 Nusli N. Wadia (Chairman)
RevenueDecrease2.svg₹247.25 crore (US$31 million) (FY18)
Decrease2.svg₹−25.83 crore (US$−3.2 million) [2]  (FY18)
Owner Wadia Group (65.93%) [3]
Website bbtcl.com

The Bombay Burmah Trading Corporation Limited (BBTC) is an Indian trading company based in Mumbai owned by the Wadia Group. [4] [5] It was formed in 1863 by the Wallace Brothers of Scotland. It is India's oldest publicly traded company, [6] [7] and was established to engage in the Burmese tea business through the initial step of taking over the Burmese assets of William Wallace.

Contents

History

The company's founding occurred when the six Wallace Brothers, originally members of a Scottish merchant house in Edinburgh, first arrived in Bombay (now Mumbai) in the 1840s. A Bombay partnership was formed in 1848 as "Wallace Bros & Co". In the mid-1850s the Wallaces set up a business in Rangoon, shipping tea to Bombay. In 1863 the business was floated as "The Bombay Burmah Trading Corporation". Its equity was held by both Indian merchants along with the Wallace Brothers, who had the controlling interests. By the 1870s the company was a leading producer of teak in Burma and Siam, as well as having interests in cotton, oil exploration and shipping.

British motivations for the third Anglo-Burmese War were partly influenced by concerns of the BBTC. The Burmese state's conflict with the BBTC furnished British leaders with a pretext for conquest. [8] : 224–225  By the 1880s Wallace Brothers had become a leading financial house in London. This firm was able to affect the intelligence about Burma and, more critically, about the growing French influence in the country. [8] : 227 

The Vissanji family purchased the company from the Wallace brothers around the time of Indian independence. In 1992, the BBTC acquired and merged in BCL Springs. Later, BBTC was acquired by the Wadia group based in Bombay. [9]

Bombay Burmah, a part of the Wadia group, holds a majority share of 50.5 per cent in Britannia Industries, amounting to a total of 12.17 crore equity shares. [10]

In 2023, the company announced that it will be divesting 3 tea estates in Tanzania, measuring around 3,957 acres, to Udongo Wetu, Dar es Salaam, Tanzania. [11]

Orange County Resorts acquired eight coffee estates from Bombay Burmah for Rs 291 crore. [12]

See also

Further reading

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References

  1. ↑ "Company Profile". The Bombay Burmah Trading Corporation, Limited. Retrieved 27 April 2019.
  2. ↑ "Annual Report" (PDF). The Bombay Burmah Trading Corporation, Limited. Retrieved 27 April 2019.
  3. ↑ "Shareholding" (PDF). The Bombay Burmah Trading Corporation, Limited. Retrieved 27 April 2019.
  4. ↑ "Bombay Burmah to sell 3 tea estates in Tanzania for $1.2 million". cnbctv18.com. 19 April 2023. Retrieved 6 May 2023.
  5. ↑ Chengappa, Sangeetha (6 June 2021). "Wadia group's Bombay Burmah to exit plantations business". www.thehindubusinessline.com. Retrieved 9 May 2023.
  6. ↑ Mudgill, Amit. "Old isn't gold always! These 19th century firms failed to reward investors in last 5 years". The Economic Times. Retrieved 19 September 2022.
  7. ↑ "Bombay Burmah Trading Corporation Ltd Share Price Today, BBTC Share Price NSE, BSE". Business Today. Retrieved 6 May 2023.
  8. 1 2 Anthony Webster (15 September 1998), Gentleman Capitalists: British Imperialism in Southeast Asia 1770-1890, I.B.Tauris, ISBN   978-1-86064-171-8
  9. ↑ Verghese, Luke. "Bombay Burmah: A sprawling conglomerate". www.equitymaster.com/. Retrieved 8 February 2017.
  10. ↑ "Bombay Burmah to receive Rs 877 crore as interim dividend from Britannia Industries - shares jump 5%". cnbctv18.com. 5 April 2023. Retrieved 6 May 2023.
  11. ↑ "Bombay Burmah to sell 3 tea estates in Tanzania for $1.2 million". cnbctv18.com. 19 April 2023. Retrieved 6 May 2023.
  12. ↑ "Bombay Burmah to sell eight coffee estates to Orange County Resorts for Rs 291 Cr". cnbctv18.com. 1 March 2023. Retrieved 6 May 2023.
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