17 January 2012

Sri Lanka's Renuka Agri Foods Buys Dairy Firm Richlife

17th January 2012, www.lankabusinessonline.com

Sri Lanka's Renuka Agri Foods plans to buy control of Richlife Dairies Limited, a manufacturer of dairy and fruit products, a stock exchange filing said.

Renuka Agri Foods said it has signed an agreement to purchase 76 percent of the issued capital of Richlife Dairies.

The deal grants Renuka Agri Foods the exclusive right to buy the shares after completion of a due diligence exercise, it said.

The statement also said Renuka Agri Foods has assumed management control of Richlife Dairies from January 13, 2012 under the deal.

Renuka Agri Foods is an exporter of coconut products like coconut milk powder, canned coconut milk, creamed coconut, defatted coconut and coconut water in both conventional and organic forms.

It also exports tea in bulk, packets and bags, and owns an organic plantation and manages an outgrower network.

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