The Income Tax (IT) department launched multiple raid and search operations on Parle Products Pvt Ltd at its Vile Parle head office and manufacturing facilities in Gujarat early Friday morning over alleged undeclared foreign assets. Officials scrutinized the company's financial records until late at night.
The Foreign Assets Unit and the Investigation Wing of the IT Department led the search operation on the Indian MNC food corporation, focusing on its financial transactions and overseas assets.
Founded in 1929 by Mohanlal Chauhan, Parle derives its name from the Vile Parle locality in Mumbai and initially had a license to supply biscuits exclusively to the British Army.
Parle Group began producing its famous Parle-Gluco biscuits in 1938, which later became the iconic Parle-G brand. The company later expanded into bottling soft drinks, introducing Thumps Up, Gold Spot, and Limca, which were eventually sold to Coca-Cola.
Vijay Chauhan, the patriarch of the privately held biscuit, confectionery, and snacks manufacturer, controls Parle Products and was ranked the 34th richest Indian on the Forbes list.
Parle Products, one of India's leading bakery and confectionery brands, manufactures several popular products, including Monaco, Krackjack, Bourbon, Marie Gold, Hide & Seek, Mango Bite, and Poppins.
