CHENNAI: What began as a small trading house in 1799 as ‘Binny’ in colonial Madras went on to become a household name.
By the 1950s the company’s clothing varieties like the ‘drills’ -white clothing material- and red bordered black blankets besides others became so popular that these were regarded as status symbols in middle class families.
In 1969, many companies including Buckingham and Carnatic Company Limited (originally, Buckingham and Carnatic were separate companies that were established during the last quarter of the 19th century), The Bangalore Woollen, Cotton and Silk Mills Company Limited, Madura Company Private Limited and The Ganges Transport and Trading Company Limited were amalgamated and Binny Limited was reborn.
As ill-luck would have it, Binny incurred losses after the amalgamation, because of a variety of reasons.
The reason often attributed was obsolete machinery, nagging labour issues and a management that failed to adapt itself to changing times.
Binny was declared a sick unit by the Board for Industrial and Financial Reconstruction (BIFR) in 1993 and the company was shut down in 1998 for good as attempts to revive the business failed. In 2008, it came out of the purview of BIFR following a High Court order.
Subsequently, the company came out with a plan to develop its businesses including textiles and warehousing.
The company owns prime property of over 1200 grounds in Perambur including heritage buildings.
S Suresh, convenor of National Trust for Art and Cultural Heritage (INTACH) says the buildings were renowned for the beautiful colonial architecture.