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| Edited By: Sumanta Ray Chaudhuri |Source: DNA |Updated: Mar 16, 2018, 05:54 AM IST
Balmer Lawrie & Co Ltd has tied up with Indonesia based PTIW for setting up a grease and lube manufacturing unit in that country, its managing director S Mukherjee said.
“It will be a 50:50 venture. The total project cost will be $5 million, out of which $2.5 million will be equity, which means that Balmer Lawrie’s investment in the project would be $1.25 million,” Mukherjee told reporters on the sidelines of 92nd annual general meeting of the company on Thursday.
The entire investment in the Indonesian project would be routed through Balmer Lawrie’s UK-based subsidiary, Balmer Lawrie (UK) Ltd, Mukherjee said.
“The capacity of the proposed plant would be around 6,000 tonnes. The products will be sold under the Balmer Lawrie brand name,” Mukherjee said.
Although the unit will only cater to the demands of the Indonesian market initially, Mukherjee did not rule out the possibities of exports to other countries in the future.
