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What is Bombay Burmah Trading Corporation mean?
The Bombay Burmah Trading Corporation Limited, often simply called the Bombay Burmah Trading Company (BBTC), is a corporation that was formed in 1863 by the Wallace Brothers of Scotland. India's second oldest publicly quoted company, BBTC was established to engage in the Burmese tea business through the initial step of taking over the Burmese assets of William Wallace.
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.: 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.: 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.
referencePosted on 30 Dec 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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