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Mumbai: On Friday, The investigation wing of the Income Tax Department conducted searches at nearly 55 locations linked to Polycab India in Mumbai. Polycab is India’s largest electrical wires and cables makers company.
According to the details, the residences and offices of the top management linked to the firm were also being raided. The company premises and properties raided includes warehouses and manufacturing facilities as well.
According to the officials, I-T officials are searching Polycab offices and facilities at Mumbai, Pune, Delhi, Bangalore, Chennai, Baroda (Gujarat), Secundrabad (Andra Pradesh) and Kolkata. The company’s business operations span across India through 23 manufacturing facilities, more than 15 offices and over 25 warehouses.
However, there has been no statement or comment issued by the company on the raids. In September, the company reported a 59 per cent rise in profit, at Rs 426 crore. On December 11, Polycab’s market capitalisation was near the Rs 85,000 crore mark, surpassing Havells India.
