Sri Lankaâ€™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".