Balmer Lawrie to sell 50% stake in Indonesian joint venture

Balmer Lawrie & Co Ltd – a Miniratna public sector enterprise under the Ministry of Petroleum & Natural Gas, Government of India – is looking to divest 50% stake in its Indonesian joint venture (JV) PT Imani Ganda Utama. 

The JV was instituted in March 2010 by Balmer Lawrie's wholly-owned subsidiary viz. Balmer Lawrie (UK) Ltd and Indonesian Company, viz. PT Imani Wicaksana, which is engaged in the production of greases, lubricants and bituminous compounds. Balmer Lawrie is now inviting expression of interest (EoI) from corporate entities for buying out its stake in the Indonesian JV. 

With several JV operations in India and abroad Balmer Lawrie operates six strategic business units - industrial packaging, greases and lubricants, leather chemicals, travel and vacations, logistics and refinery and oil field services, with offices spread across the country. It also has several joint venture operations in India and abroad.

During the intra-day trade, shares of Balmer Lawrie & Co were up 3.73% trading at Rs 278.10 a piece on BSE and on the NSE the stock was up 3.18% trading at Rs 277.60 a piece.