Sri Lanka’s Renuka Agri sells Richlife to group unit

EconomyNext – Sri Lanka’s Renuka Agri Foods has sold its 50 percent stake in Richlife Dairies Limited to Shaw Wallace Ceylon Ltd., a group unit, for 605 million rupees, a stock exchange filing said.

Richlife Dairies makes milk-based and fruit-based food and beverages under the brand names Richlife and Cheers.

Renuka Agri Foods, an exporter of coconut products and tea, in 2012 bought a 76 percent stake of the diary firm for 505 million rupees and the remaining stake for 100 million the next year.

Shaw Wallace Ceylon said in a separate filing it will "integrate Richlife Dairies into its operations to unlock synergies".

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