Renuka Agrifoods to buy control of Richlife Dairies

Wednesday, 18 January 2012 00:44 - - {{hitsCtrl.values.hits}}

Renuka Agri Foods announced that it entered into an agreement to purchase 76% of the share capital of of Richlife Dairies Ltd., after a due dilligence exercise is carried out.

According to the agreement, Renuka Agri Foods assumed management control of the diary producer from 13 January 2012.

Renuka Agri Foods had accumulated profits of Rs. 455 million at September 2011 after the company saw profits increase by 87% to Rs. 170 million in the six months to September 2011 as revenue increased by 62% to Rs. 860 million.

Richlife Dairies is a dairy and fruit based consumer products manufacturer.

Renuka Agri Foods manufactures and markets a range of premium coconut products in conventional and organic forms. The company’s sharesclosed 10 cents higher at Rs. 6.90 on Tuesday when 1,704,000 shares were traded.