Diversified state-owned group Balmer Lawrie & Co Ltd will pump Rs 300 crore in the next four years in six business verticals to double its revenue.
"We have planned Rs 300 crore investment in the next four years in our few business segments and with this we hope to increase our turnover to Rs 3,500 crore," Balmer Managing director S K Mukherjee said here today.
The company turnover in 2009-10 was Rs 1,672 crore and it now aims Rs 2,000 crore income in the current fiscal. Mukherjee said the company was now planning to revive its tea business and to relaunch at least one packet tea brand, Tarang in the next six months.
"We are losing money from tea business. We had thought to exit or hive it off. But now we have decided to give it a second chance," he said.
The company is also planning to strengthen its lubricant business with strong entry into retail automotive lubricants.
"We are investing Rs 30-40 crore in the next two years. We are strong in industrial grease, but now we will focus on automotive lubricants that will help us double our marketshare of total lubricant business from 2.5-30 per cent now," Balmer Director V Narayan Sharma said.
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Speaking on the 50:50 Indonesian joint venture PT Balmer Lawrie Asia for lubricant manufacturing, Mukherjee said contruction for the joint venture project was likely to be completed by next March.
With investment worth USD 5 million, this will be the second international unit of the company after Dubai where the company has industrial packaging business. Speaking about joint venture company Transafe Services Ltd, the senior Balmer official said a new managing director would be appointed from October to revive the company.