I-T carries out search ops on Bodal Chemicals

The income tax (I-T) department on Thursday carried out search operations at 18 premises of Bodal Chemicals Ltd. The BSE listed company is involved in manufacture of dye intermediates, dye stuff and other chemicals.

Sources in the department said of the 18 premises that were searched, five to six were factories situated in phase-I of Vatva GIDC. Four factories in Vadodara, a bungalow in Bopal and offices in Prahladnagar were also searched. An office of the company in Kolkata was also searched. Sources said some of the chemical traders dealing with the company were also under scanner of the department.

The company, which has an annual turnover of Rs400 crore, gets 70% of its business from exports. The chemicals it manufactures are used in textile, plastic, leather and paper manufacturing industry.

It exports its products to the US, Brazil, Switzerland, Germany, the UK and Italy among others. The company also has offices in some of these countries. It had also entered into eight MoUs worth Rs700 crore with Gujarat government during the last VGGIS.