Balmer Lawrie mulls for Rs 700 cr capex to diversify into ethanol production
"This target is achievable and we need to grow at a faster pace. The company's current revenue is Rs 2,400 crore operating across various businesses, he said.
According to official sources, the diversified PSU Balmer Lawrie & Co is planning a capital expenditure of Rs 700 crore, aiming to achieve a revenue of Rs 6,000 crore by 2030.
It plans to diversify into ethanol production, set up a free trade warehousing zone (FTWZ) in Mumbai, and upgrade facilities, Chairman and Managing Director Adhip Nath Palchaudhuri said.
"The board of the company has approved a capital expenditure of Rs 700 crore, he said.
The Kolkata-headquartered company also plans to enter third-party logistics for companies wanting to store their products, the CMD said.
Read Also : Bank of Baroda - India’s second largest public bank, adopts ‘Make in India’ Switches to upgrade its banking infraPalchaudhuri said Balmer Lawrie will invest Rs 330 crore for producing ethanol using rice and maize as feedstock, and Rs 220 crore for setting up the FTWZ, which is akin to a special economic zone (SEZ).
Another Rs 45 crore will be spent for setting up a third-party logistics hub at Dankuni in West Bengal.
The top official said the company is aiming at a revenue of Rs 6,000 crore by 2030, adding that this is achievable due to its leadership position in certain businesses like industrial packaging, and also the presence of significant headroom for growth in verticals like grease, lubricants, travel and logistics.
Read Also : Bank of India enters into an MOU to provide salary account facilities for Coal India Limited employees"This target is achievable and we need to grow at a faster pace. The company's current revenue is Rs 2,400 crore operating across various businesses, he said.
The PSU is also in the process of engaging a consultant to prepare a comprehensive growth plan, he said.
Palchaudhuri said the company will explore inorganic opportunities for growth if required.
Balmer Lawrie is not looking at asset monetisation, but increasing its efficiency and utilisation, he added.
Read Also : PFC Secures largest-ever foreign currency term loan of USD 1.265 billionNews Must Read
- Garden Reach Shipbuilders receives LoA from Government of West Bengal
- Bank of Baroda Q2 business update: Domestic deposits up by 7%, global business expands 10.23%
- NTPC Unchahar Head of Project Conquers Everest Base Camp
- PM Narendra Modi inaugurates GAIL’s CBG Plant in Ranchi
- SBI to add 600 branches in its network during FY25: Chairman C S Setty
- Power Grid signs SHA with RVPN to form JV in Rajasthan
- NHPC CMD highlights critical importance of dams in India's water management
- NTPC Mining delivers stellar performance in Half Yearly of FY2024-25
- HAL Delivers First AL-31FP Aero Engine to IAF Under New Contract
- HAL’s Advanced Light Helicopter all set for ONGC Offshore Missions