ECONOMYNEXT- Sri Lanka’s Watawala Plantations will be investing 1 billion rupees into its dairy operations, a top official said.
Watawala Plantations Managing Director Vish Govindasamy said that 1.06 billion rupees will be invested in Watawala Dairy Ltd as equity.
The funds will be used for capital restructuring of WDL, including converting a related party debt of 450 million rupees into equity.
WDL has a dairy farm with over 1,000 milch cows, set up in 2018. The business is expected to become profitable in three years.
Watawala’s parent Sunshine Holdings sold its tea business Hatton Plantations for 1 billion rupees last week. (Colombo/Jun03/2019)