- Thacker & Company is a Mumbai landlord and investment office that has spent a century and a half quietly compounding capital inside the Pudumjee Group. Incorporated under the provisions of the Companies Act, 1956 and listed on the Bombay Stock Exchange, it was originally a non-bank lender until the RBI cancelled that registration in 2018, after which it adopted Ind AS and concentrated on three things: owning a leasehold building, holding minority stakes in group industrial companies, and running a small scanner-trading operation that has since been merged back into the parent. The recurring pattern is patient, low-overhead asset ownership - a long-dated property lease, equity positions held at cost, and no debt - run by a six-person non-executive board that considers the business too simple to need a formal risk policy.
Business segments
Three engines that share a single building and a single balance sheet - a property-leasing operation, a portfolio of group-company stakes, and a small trading business now absorbed into the parent.
1. Business Centre: the leasehold building that throws off rent
The company holds a finance lease on one Mumbai building until 2066, uses part of it, and sublets the rest under cancellable operating leases - a property-income stream with a multi-decade runway.
- One building, two uses - the company’s only fixed asset is a leasehold premises with a written-down value of Rs. 158,054/-, held under a finance lease running to 2066; it occupies part of the building for its own operations and leases out the remainder.
- Rent collected as it falls due - rental income is recognised when bills are raised, and the sub-tenant leases are cancellable operating leases with escalation clauses and renewal rights, so the company can adjust terms over time.
- Visible near-term receivables - minimum lease payments owed to the company stood at roughly Rs. 1.97 crore due within one year and Rs. 1.88 crore due within one to five years as of March 2022, giving a line of sight on cash flows.
- No property debt - the company carries no borrowings and has no assets pledged as security, so the rental income drops straight to the bottom line without interest costs.
2. Investment & Finance: a portfolio of Pudumjee Group stakes
The company holds minority positions in three listed group firms and an inter-corporate deposit book - it earns dividends, interest and fair-value gains without managing any of the underlying factories.
- Two associates held at cost - the largest positions are a 15.74% stake in AMJ Land Holdings (formerly Pudumjee Pulp and Paper Mills) and a 14.64% stake in Pudumjee Paper Products, carried at a combined cost of roughly Rs. 7.6 crore; both are part of the Pudumjee Group and pay dividends.
- A quoted investment marked to market - the company owns 25.2 lakh shares of 3P Land Holdings (formerly Pudumjee Industries), valued at about Rs. 6.9 crore as of March 2024 and classified as fair value through other comprehensive income, so value changes flow through reserves.
- A loan book with no leverage - it has extended an unsecured inter-corporate deposit to a related party, with the outstanding balance rising from Rs. 4.7 crore to Rs. 7.2 crore during FY24, earning interest on a time-accrual basis.
- A tiny mutual fund for liquidity - it holds Rs. 13 lakh in HDFC Liquid Fund, carried at fair value through profit and loss, alongside a fully impaired legacy investment in Biodegradable Product India.
3. Trading - Scanners & related products: the absorbed subsidiary
What was once a separate scanner-trading unit inside Fujisan Technologies has now been merged into the parent, leaving a small inventory and receivables balance on the consolidated books.
- Bought, sold and distributed - Fujisan Technologies dealt in scanners, computers, peripherals, printers, monitors and data-storage devices, operating as a buyer-seller and agency business.
- Merged to cut complexity - the subsidiary was absorbed into Thacker & Company under an NCLT-sanctioned scheme effective April 2022, with no new shares issued and no change in the parent’s shareholding pattern; the stated goal was to eliminate inter-corporate dependencies and reduce administrative overheads.
- A residual balance-sheet footprint - post-merger, the consolidated trading segment held trade receivables of Rs. 0 and inventory of Rs. 748 thousand as of March 2024, valued at the lower of cost or net realisable value.
Group structure and partners
Thacker & Company sits inside the Pudumjee Group as a listed holding and lending vehicle, with no operating subsidiaries left after the Fujisan merger and no debt on its own books.
- The consolidated group now consists of the parent, its wholly owned subsidiary Fujisan Technologies Limited, and its two associate companies, AMJ Land Holdings and Pudumjee Paper Products, both Pudumjee Group entities in which Thacker holds minority stakes.
- Related-party transactions flow in both directions: the company gives inter-corporate deposits to group firms Chem Mach Private Limited, Suma Commercial Private Limited and Biodegradable Product India Limited, and receives dividends from Pudumjee Paper Products Limited and AMJ Land Holdings Limited.
- The company also holds a quoted investment in 3P Land Holdings, another Pudumjee Group entity, but treats it as a financial investment rather than an associate, valuing it at fair market value.