Balmer Lawrie plans to hive off tea blending unit

KOLKATA: Balmer Lawrie and Co Ltd on Tuesday said it plans to hive-off its tea blending unit in the UK after it turned economically unviable, even as the company is looking at acquiring a logistics company.

"We plan to sell off the tea blending unit and looking at acquiring a logistics company," Balmer Lawrie managing director S K Mukherjee today said after the company's AGM.

"We have hired SBI Capital Markets to advise on sale of the asset," he added.

The company expects to complete the process to sell the tea blending unit by October.

On acquisition of the logistics company, Balmer Lawrie officials said it was looking at firms with expertise in the exports segment.

"We are aiming at companies with strength in freight forwarding with strength in outbound cargo," Mukherjee said.