The 27-year-old struck 17 goals last season including four in Churchill Brothers Federation Cup triumph last season as he was adjudged Best Indian Player by the Football Players'Association of India.
Having switched allegiance from Salgaocar FC last season, Balwant scored 10 I-League goals and three during their AFC Cup campaign.
He has also donned the national jersey making his debut for India B in 2010 against Kyrgyzstan and also for India U-23 side in the 2010 Asian Games and scored a goal in their 4-1 victory over Singapore U-23.
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