Income Tax Department Conducts Survey At Marico Offices, Factories

The Income Tax Department on Wednesday surveyed various Marico Ltd. offices, major dealers, and factories. The survey action, being conducted by the Mumbai branch, is linked to the scrutiny of certain foreign funding transactions, sources told NDTV Profit.

The Income Tax officials entered the office premises around 10:30 am and the survey in Andheri office is still continuing. Marico staff's mobile devices have been taken away. The survey action is linked to scrutiny of certain foreign funding transactions. Marico is yet to make any public statement on the matter.

Sources told NDTV Profit that the scale of matter will be ascertained once all relevant documents are perused. The officials are yet to start going through the company documents. The senior Marico employees are being quizzed by the IT wing currently. The relevant documents will be looked into soon.

Mumbai-headquartered Marico is a leading Indian consumer goods company offering products in categories like hair care, skin care, edible oils, healthy foods, and male grooming under well-known brands such as Parachute, Saffola, and Set Wet.

The company manufactures, markets, and sells these products across India and in emerging markets in Asia and Africa. Shares of Marico traded over 1.15% lower as of 1:35 p.m. The benchmark Nifty 50 was up 0.38%. The stock has risen 3% in the last 12 months and 12% so far this year.