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Balmer Lawrie to invest up to Rs.3 bn for expansion

Kolkata, Oct 23 (IANS) The state-run diversified major Balmer Lawrie & Co Ltd Monday said it would invest up to Rs.3 billion ($66 million) for expansion and acquisition in the next four years.

Monday, October 23, 2006 | 9:01:49 PM IST (+05:30 GMT)
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Kolkata, Oct 23 (IANS) The state-run diversified major Balmer Lawrie & Co Ltd Monday said it would invest up to Rs.3 billion ($66 million) for expansion and acquisition in the next four years.

The company, looking to reach a target of Rs.20 billion in turnover and Rs.2 billion in profits by 2009-10, is setting eyes on acquisition opportunities in leather, chemicals, tourism and logistics sectors, managing director S.K. Mukherjee told reporters here.

The company, having a strong foothold in the ticketing for tourists, was looking at the huge potential in outbound tourists from India and targeting at acquisition of companies which would help it formulate tourist packages and create a brand of its own.

Expecting Rs.200 million from tourism business, Balmer Lawrie had already formulated packages for Singapore-Malaysia and Bangkok area and would unveil a Middle East package soon. The public sector companies are the major customers for Balmer Lawrie's tourism products.

The company, deriving 22 percent of its revenues from logistics division, was also aiming at inorganic growth opportunities in air and sea exports segment, Mukherjee said.

In leather chemicals segment, it was looking at acquisition of companies, which could add to the finishing line of the products.

'We have engaged an agency for finding the companies which can be acquired and a report is expected by the end of October,' Mukherjee said.

He said the company was looking at exiting the loss-making tea business in next five years. It was also evaluating hiving off the speciality container division.

The company was is up a steel barrel plant at Asaoti in Haryana and expanding its container freight station in Chennai at a cost of Rs.240 million.

It reported a 47 percent increase in profit after tax for the first half of the current fiscal at around Rs.370 million from Rs.250 million, though the turnover was marginally down from Rs.6.39 billion to Rs.6.35 billion.

Copyright : Indo-Asian News Service
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