Balmer Lawrie & Company, engaged in manufacturing and services businesses, today said its UK-based subsidiary Balmer Lawrie (UK) has launched a joint venture firm in Indonesia.
The company established the 50:50 joint venture in collaboration with Indonesian company PT Imani Wicaksana, Balmer Lawrie & Company said in a filing with the Bombay Stock Exchange (BSE).
The joint venture firm, named PT Imani Ganda Utama (PTIGU), would manufacture and market greases and lubricants in Indonesia, it said.
The company is a confirming party to the joint venture with an interest of expanding its operations and scope of business activities relating to lubricants outside India, including Indonesia.
The company proposes to enter into a technical collaboration agreement with PTIGU in due course for supply of technical information to enable manufacture of lubricating greases and other lubricants, it said.
Balmer Lawrie & Company operates in five segments: Industrial Packaging, Logistics Infra- Structure & Services, Travel and Tours, Greases and Lubricants, and Others.
Shares of the company closed at Rs 602.70, up 0.92 per cent from the previous close on the BSE.