Kolkata-based Balmer Lawrie & Company (BLC) Limited, a diversified public sector conglomerate, has informed that it will keep its UK subsidiary, before being sold off to TAL International Container Corporation of USA (TAL).

BLC expects that the move would help in its overseas operation. The company’s UK arm is engaged in leasing and hiring marine freight containers.

Apart from this, the company will look for other lines of business for Balmer Lawrie UK (BLUK).

At present, BLC has only Rs 100 crore cash surplus on its balance sheets, and may have to go for debt to fund an acquisition.

Further, the company intends to focus on specialty containers here in India through its logistics subsidiary Transafe Services Limited (TSL).

Recently, the shareholders of Balmer Lawrie & Co have approved a dividend of 170% at the Annual General Meeting. This is the highest ever dividend declared by the company.

The firm has registered its highest ever turnover in this fiscal, with net income crossing Rs 1,490 crore as against Rs 1,300 crore in 2006-07, marking an increase of 15%.

The stock of the firm closed on Friday at Rs 339, down 5% compared to its previous close of Rs 359.