Brihan Maharashtra Sugar Syndicate Ltd.

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Brihan Maharashtra Sugar Syndicate Ltd.
Company typeLimited
ISININE109V01017
IndustrySugar, liquor, metal printing, ayurvedic products, health care products, real estate
Founded21 September 1934; 89 years ago (21 September 1934)
FounderChandrashekhar Agashe
Headquarters
Shaniwar Peth, Pune, Maharashtra
,
India
Area served
Maharashtra
Key people
Ashutosh Agashe (managing director)
Revenue
Total equity
 (2021)
ParentBrihans Group
SubsidiariesBrihans Natural Products Ltd.
Websitethebmssltd.com
Footnotes / references
[1][2][3]

The Brihan Maharashtra Sugar Syndicate Ltd. is an Indian sugar company headquartered in Pune, Maharashtra, India. Established in 1934, it is one of the oldest companies in India.

History[edit]

Under Chandrashekhar Agashe: 1934 — 1956[edit]

In 1933, the Governor of Bombay, The Lord Brabourne promoted the production of indigenous sugar, having had increased the import tax on the commodity shipping in from Mauritius.[4] This enabled Chandrashekhar Agashe to found the Brihan Maharashtra Sugar Syndicate Ltd. on 21 September 1934,[1][5] as a limited liability company after two years of crowd-funding campaigns,[6] with funds collected from amongst the Maharashtrian middle classes.[7] The syndicate was headquartered in Pune.[8]

Between 1934 and 1936, Agashe envisioned opening a factory branch of the Syndicate in his hometown of Bhor, and began cultivating 2,000 acres of land for the plantation of sugar cane. In 1935, he began employing tenanted farmers of the local gentry and independent farmers as producers or transportation workers of the sugar cane for the syndicate in the village of Bhorgaon. By 1936, he had licensed or purchase 12,000 acres of farm land to support the syndicate, being lauded for reviving the local economy and consequently receiving further land grants from bankers in Akluj and several politicians in the Bhor State.[9]

After Agashe established the syndicate's headquarters at the Commonwealth Building on Laxmi Road, the Mahratta Chamber of Commerce, Industries and Agriculture declared the sale of 300,000 shares of the syndicate, with the first share going at Rs. 25 in January 1935.[10] Between 1935 and 1937, Agashe toured several states and jagirs within the Deccan States Agency, promoting the syndicate at several village gram panchayats.[9] In July 1937, C. E. Aitken, the superintending engineer of the Deccan Irrigation Circle raised concerns about the syndicate's factory to Sir Geoffrey Thomas Hirst Bracken, reporting that the syndicate had sanctions, although they had the machinery, and were practicing the open pan system of sugar cultivation and were growing from their own seeds.[11] By 1937, the syndicate's factory produced 35 hundredweights of sugar.[12]

In November 1937, Agashe ordered sugar cane processing machinery from Škoda Works in Czechoslovakia before the outbreak of World War II. Following Adolf Hitler's rise to power and the German occupation of Czechoslovakia, Agashe considered retracting his order, but received the ordered machinery before the Reichswerke Hermann Göring took over Škoda.[13] He began construction for the first factory in April 1938, and finally established the syndicate's first sugar cane processing factory in the village of Bhorgaon in March 1939,[14] further purchasing an estate and the surrounding lands as a means to look after his own sugar plantations,[15] with the syndicate's principal factory soon producing 150,000 sacs of sugar per annum by 1940,[16] selling the sugar under the trademark Shree, with the village panchayat renaming the town Shreepur.[14] In 1943, Agashe's donation to the Deccan Education Society led to the establishment of the Brihan Maharashtra College of Commerce in Pune, named after the syndicate.[17]

After Indian independence in 1947, Agashe was able to expand the syndicate's production to 1000 tonnes of sugar cane processed per annum by 1950.[18] In 1950, the University of Bombay surveyed the syndicate's labour conditions.[19] By 1953, there was strong opposition to Agashe's role as the managing director of the syndicate from his critics, with the syndicate involved in several allegations of duping shareholders and depositors in the early 1950s.[20][21][22] Agashe, in response, published a 400-page report criticizing his detractors of corruption and factionalism based on evidence that his critics were backed by his competitor Karamshi Jethabhai Somaiya, who had previously shown interest in purchasing the syndicate.[23][24][25] In 1954, the syndicate advertised in the publication of the Mahatma Phule Museum, where Agashe was on the board.[26] In July 1955, the syndicate was among the several other sugar factories that filed appeals with the Labour Appellate Tribunal, Bombay, to settle matters between it and the worker's unions regarding the high rate the court had decreed for the sugar factories' to pay towards the provident funds of its employees.[27] Agashe died in June 1956.[28] He was survived in business by his sons Panditrao Agashe and Dnyaneshwar Agashe.[29][30]

Under S. L. Limaye, K. V. Champhekar and G. S. Valimbe: 1956 — 1970[edit]

Agashe left the syndicate in a strong position.[29] With a decentralised management, S. L. Limaye took over as chairman of the board of directors of the company, serving from 1957 till 1990,[31][32] while K. V. Champhekar took over as managing director of the company from 1957 to 1962,[33] followed by G. S. Valimbe from 1963 to 1969,[34] until Agashe's sons Panditrao and Dnyaneshwar became joint managing directors in July 1970.[29][34]

The several senior managers of the company aided Panditrao Agashe, given his considerable youth when he joined the board of directors in 1957.[35][36] By 1958, the syndicate also maintained a permanent office in Solapur and Shreepur, Maharashtra,[37] with the syndicate celebrating its silver jubilee in 1959.[38] Between 1958 and 1966, the syndicate financially aided several farming communities around the Malshiras taluka, including those regions affected by the Panshet dam flood in 1961.[39]

The later half of the 1960s saw the syndicate battle the Government of Maharashtra's socialist land acquisition schemes, which they ultimately lost, relinquishing several thousand acres of syndicate owned land to the Government of India.[40] Between 1961 and 1963, the syndicate had also decreased its trade credit percentage of liabilities with the Bank of Maharashtra.[41] In 1964, the syndicate had employment disputes regarding the reduction of staff in its civil engineering department.[42] By 1966, Panditrao's brother Dnyaneshwar Agashe joined him on the board of directors of the syndicate,[43][44] with both the brothers becoming joint managing directors in July 1970.[45][46]

Under Panditrao Agashe and Dnyaneshwar Agashe: 1970 — 2009[edit]

Beginning in the 1970s, under Panditrao and Dnyaneshwar Agashe, the syndicate manufactured liquor in Shreepur, Maharashtra,[47] specialising in whisky production under its several flagship brands.[48][49][50] The syndicate was one of the first companies to produce a range of government-approved liquors after the Maharashtra state prohibition,[51] called Indian Made Foreign Liquor.[52] In 1978, Panditrao retired as joint managing director leaving Dnyaneshwar as the sole managing director.[53] By the early 1980s, the syndicate also briefly engaged in the business of metal printing.[1] In October 1980, the syndicate was surveyed on its impact on Maharashtra's rural economy by the Gokhale Institute of Politics and Economics.[54] Under Dnyaneshwar, the company launched a brandy in partnership with Camus Cognac.[55] In 1984, the company sponsored a sports tournament in Dadar.[56] In 1986, the company sponsored a squash tournament.[57] In 1988, the company shifted to being a cooperative.[58] By 1989, the syndicate was considered a leading manufacturer of alcohol in the country.[59]

In 1990, Dnyaneshwar took over as chairman of the board of directors for the syndicate upon the death of S. L. Limaye,[32] a position he would serve until his death in January 2009.[60] In 1991, a test plant developed from research funded by the United States Agency for International Development was installed at the syndicate which controlled pollution during the manufacturing of industrial alcohol.[61] That same year, Dnyaneshwar's son Mandar Agashe joined the syndicate's board of directors,[62] going on to become a joint managing director with his father by 1994.[63] Dnyaneshwar's younger son, Ashutosh Agashe, was appointed to the board of directors in 1996.[64][65]

By 1998, the syndicate began marketing ayurvedic medicines, health care products, and bulk raw materials.[1] It was also involved in the manufacturing of food products and veterinary medicine.[66] That same year, the syndicate hosted cricket tournaments in Pune.[67] In 1999, Mandar resigned as joint managing director,[68] going on to found the syndicate's sister company Brihans Natural Products Ltd. in 2000.[69] The syndicate began promoting ayurvedic skincare products made by its sister company, Brihans Natural Products Ltd.[70] That same year, Ashutosh was appointed as joint managing director.[71]

By 2002, the syndicate also manufactured alcohol-based chemicals.[72] In 2005, the syndicate entered a partnership with Howling Wolves Wine Group of Australia which planned to set up a wine production base in India.[73][74][75] The partnership was made with Baumgarten & Walia Ltd., a wholly owned subsidiary of the syndicate.[76] That same year, Radico Khaitan signed an agreement with the syndicate for acquisition of their liquor brands Brihans Napoleon Brandy, Brihans Premium Whisky, Brihans Grape Brandy, Tropicana White Rum, Calcutta Dry Gin, Lord Nelson Rum and Red Russian Vodka in line with their domestic growth plan.[77][78][79]

Under Ashutosh Agashe: 2009 — present[edit]

In 2009, upon Dnyaneshwar Agashe's death, Ashutosh Agashe was appointed chairman and managing director of the syndicate.[80] In 2013, the syndicate sold its liquor manufacturing arm to Radico Khaitan.[81] In 2014, the syndicate was involved in the Brihan Karan Sugar Syndicate Private Limited (BKSSPL) trademark 'Tango' scandal.[82] In May 2021, during the COVID-19 pandemic in India, Ashutosh and the syndicate donated oxygen concentrators to hospitals in Shreepur, Maharashtra.[83][84]

References[edit]

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Bibliography[edit]

External links[edit]

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