Kolkata, June 2 (IANS): Diversified public sector firm Balmer Lawrie & Co Ltd (BL&CL) on Tuesday said it will be focusing on the automotive segment this year to grow its lubricants line of business.

"We are looking at a 30 percent growth rate for the lubricants line of business this year. The overall growth for the company this year is projected at 10 percent," company's chairman and managing director, Viren Sinha told media persons here.

BL&CL presently has just two percent market share in the automotive lubricants space and Sinha has targeted to capture at least four percent market share by the end of March 31, 2016. It has launched new grease products tailored for the automotive segment to further its target.

The Miniratna enterprise has budgeted a cumulative investment of Rs. 250 crore to strengthen its line of business. Of this budget, it has already spent Rs.100 crore.

This year, an investment between Rs. 100-150 crore have been lined up for research and development, upgradation of production facilities, product development and others.

About other business segments, Sinha said: "For the last two fiscal quarters, things are upbeat and we have drawn a five-year roadmap for our business segments."

The industry size for lubricants in India is estimated at 120 lakh barrels per annum while BL&CL is producing 44 lakh barrels each year.

Besides the automotive segment, the Kolkata-based company, which owes its origin to two Scotsmen, also supplies lubricants to the mining, railways, defence and iron and steel industries.

"There is a fresh rejuvenation in defence and Coal India Ltd is expected to boost the mining segment. We also expect impetus from railways and the steel industry," said Sinha.

Asked if the company is coming up with new plants, he said: "We would like to consolidate our existing businesses this year and invest on upgradations and R&D."