Balmer Lawrie to finalise Transafe fate after advisor's report

Balmer Lawrie & Co Ltd today said it would finalise the fate of Transafe Services Ltd (TSL) after the report of the adviser.

"We have asked Deloitte to advise us on Transafe. We will decide the next course after we get their report. It can be anything from infusing fresh capital to winding up," Balmer Lawrie chairman and managing director Virendra Sinha said on the sidelines of the company's annual general meeting.

TSL had raked in a turnover of Rs 75 crore with a loss of Rs 12.9 crore in 2012-13 dragging its networth to the negative zone.

The company said the major shortfall has been container manufacturing business as the creative container suffered from lack of demand. Sinha said the CDR also failed to yield desired results. TSL is JV between Balmer Lawrie and its subsidiary Balmer Lawrie Van Leer Ltd. Meanwhile, Sinha said the company was planning to modernise the Kolkata lubricant unit after it renewed the land lease. "We are also investing Rs 320 crore in setting up two multi-modal logistics hub in Kolkata and Vizag," he said.

When asked about outlook for the year, Sinha said there would be 'stress' during the period.