The blaze at a metal powder godown at Taratala in the city today was controlled by firemen who battled for over eight hours.
A fire brigade official said ten fire engines were used to fight the blaze, that broke out at 9.53 AM.
Sand and water were mainly used to bring the blaze under control, he said.
Though there was no report of injury to anyone in the blaze that engulfed the godown at 151, Transport Depot Road in the south western part of the city, balls of fire were seen rising out of the building from a distance during the day.
The police had cordoned off the entire area for safety reasons and buildings in the vicinity were sprayed with water to prevent the spread of fire.
"As per records a long term lease of 30 years with effect from January 1, 1971 was granted to M/S Jalan Pvt Ltd for the land measuring about 9363.79 sq m for the purpose of warehousing.
"Before expiry of the lease, the unexpired period of lease was transferred to M/S Subarnarekha Agricultural Estates. Due to non-payment of rental dues and unauthorised subletting, the action of cancellation of lease was taken by the KoPT," he said.
KoPT chairman Vinit Kumar has ordered an inquiry into the incident.
State Fire department minister Sovan Chatterjee, who was present at the site to monitor the dousing operation, said "I will ask the police commissioner and Director General of Fire Services to find out which chemical and metal substances were stored in the godown and whether the owner has the requisite license.
"We will also find out whether any safety and fire fighting equipment were there at the godown and if not, we will file an FIR against the owner," Chatterjee, who is also the mayor of Kolkata, said.