Balmer Lawrie charts Rs 200-300 cr investment plan
Kolkata, Oct 23 (UNI) Balmer Lawrie&Co. Ltd will invest Rs 200-300 crore over the next three years in tourism, logistics and leather chemical sectors, Managing Director S.K.Mukherjee said today.
The company, makers of freight containers, blended oils and lubricating grease, is also targeting a turnover of Rs 2000 crore and a net profit of Rs 200 crore by 2009-10, Mr Mukherjee told reporters.
Balmer Lawrie was looking to grow through acquisitions, focus on outbound tourists and new manufacturing capacities, he said.
" The service sector in India is growing and we are making all out efforts to consolidate our position through acquisitions and investments, " Mr Mukherjee said.
The company will focus on outbound travel and was currently working out travel packages for Indian tourists to Egypt and Middle East, he said.
" We are also looking to consolidate in air and sea exports and put more emphasis on logistics in the new few years to boost our turnover, " he said.
The company was setting up a steel barrel plant in Haryana and expanding capacity of its container freight station in Chennai with an investment of Rs 24 crore, he said.
The freight station on ten acre in Chennai will add another seven acre, he said.
He said the work on the steel plant (in Haryana) had started and by early 2007, the plant will start generating revenue.
The funds for the proposed investments will come from internal accruals and borrowings, he said.
Balmer Lawrie reported a 41 per cent growth in net profit for the July-Sept quarter to Rs 18.95 crore from Rs 13.44 crore last year.