Kolkata, Sep 24 - The state-owned Balmer Lawrie, which has diversified business interests such as tea, industrial packaging and grease and lubes, plans to set up a $5-million lubricant and grease plant in Indonesia in a joint venture.

Balmer Lawrie formed the joint venture with Imani Wicaksana of Indonesia for the project, which is likely to come up within a year.

'Of the $5 million investment, the joint venture partners would investing $1.25 million each as quity,' said Balmer Lawrie managing director S.K. Mukherjee said.

'The balance will be debt,' Mukherjee said on the sidelines of the company's annual general meeting.

The Indonesian project would have a capacity to manufacturer of 6,000 tonnes of greases and lubricants annually.

Balmer Lawrie already manufactures and markets the Balmerol brand of lubricants, which is also exported.

It is also the exclusive travelling agent for the government and public sector units.