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Wednesday, March 03, 2010 (21:45:05) |
| Tags : Balmer Lawrie & Company, Balmer Lawrie (UK) Ltd, Indonesia, PT Imani Wicaksana |
Balmer Lawrie's UK arm forms JV with Indonesian firm |
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| Kolkata: State-run Balmer Lawrie & Company Ltd has said that its wholly-owned subsidiary, Balmer Lawrie (UK) Ltd, has launched a 50:50 joint venture with an Indonesian company, PT Imani Wicaksana, to manufacture and market greases and lubricants in Indonesia.
The JV has been registered under the UK Companies Act. It is named "PT Imani Ganda Utama" (PTIGU), Balmer Lawrie informed the Bombay Stock Exchange (BSE).
Balmer Lawrie makes lubricants under the brand Balmerol and markets it within and outside the country.
"The company is a confirming party to the joint venture with an interest of expanding its operations and scope of business activities relating to lubricants outside India including Indonesia," Balmer Lawrie told the BSE.
"The company proposes to enter into a technical collaboration agreement with PTIGU in due course for supply of Technical information to enable manufacture of lubricating greases and other lubricants by PTIGU." (IANS) |
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