Bombay Burmah Trading Corporation
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| Company type | Public |
|---|---|
| ISIN | INE050A01025 |
| Predecessor | Wallace Bros & Co. |
| Founded | 1863[1] |
| Founders | Wallace brothers |
| Headquarters | Wallace Street, Fort, , India |
Area served | Worldwide |
Key people | Nusli N. Wadia (Chairman) |
| Revenue |  ₹247.25 crore (US$29 million) (FY18) |
| ₹−25.83 crore (US$−3.1 million)[2] (FY18) | |
| Owner | Wadia Group (65.93%)[3] |
| Website | bbtcl |
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.[8]
History
[edit | edit source]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.[9]: 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.[9]: 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.[10]
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. [11][12]
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.[13]
Orange County Resorts acquired eight coffee estates from Bombay Burmah for Rs 291 crore.[14]
See also
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- List of oldest companies
- List of oldest companies in India
- List of trading companies
- Trading company
- Manjolai_labourers_massacre
Further reading
[edit | edit source]- Arnold Cecil Pointon, Bombay Burmah Trading Corporation 1863-1963 (Southampton: The Millbrook Press. 1964) 142 pp. OCLC 752648475
- RH Macaulay, History of Bombay Burmah Trading Corporation 1864 -1910 (London, 1934).
- Anthony Webster, Gentlemen Capitalists: British Imperialism in South East Asia 1770-1890. (London: Tauris Academic Studies. 1998)
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References
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- Economic history of India
- Trading companies of the United Kingdom
- Indian companies established in 1863
- Companies based in Mumbai
- Wadia Group
- Companies listed on the National Stock Exchange of India
- Companies listed on the Bombay Stock Exchange
- Tea companies of India
- Shipping companies of India
- Oil and gas companies of India
- Cotton industry in India
- Forest products companies
- India–Myanmar relations
- Third Anglo-Burmese War