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Friday, 17 February 2012 00:01 - - {{hitsCtrl.values.hits}}
Richlife Dairies Limited, a pioneer in the manufacture of high quality dairy and fruit products in Sri Lanka experienced infusion of much needed dynamism and fresh business direction under the new management of Renuka Agri Foods Plc (RAL) in mid January 2012.
Renuka Holdings PLC, parent Company of RAL, a diversified conglomerate listed in the CSE with business interest in Agriculture, Automotive, FMCG, Foodservice, Investment, Property and Management services, acquired Richlife Dairies Ltd.
Renuka, having created a footprint in the global market across 61 countries with its high quality value added coconut based product range, is expanding its investments in the post war economy exhibiting its commitment and dedication to country’s economic growth. Renuka Group consolidated its distribution capability in 2011 with the acquisition of Shaw Wallace Ceylon Ltd, a leading FMCG and foodservice distribution company which has served the nation for over a century. The acquisition of Richlife would strengthen Renuka’s distribution capabilities and direct involvement in the rural economy.
“It gives us immense pleasure and pride to have brought Richlife Dairies under our Group umbrella. We are known as experts in Coconut based products worldwide and Richlife being a leading fresh milk processor offering high quality products for all ages would see it developed to new heights. Also, it gives Renuka the opportunity to extend its expertise into Dairy sector. I am sure that this acquisition would assist us to forge ahead and fulfil our Group’s vision of being one of the leading FMCG manufacturing and distribution companies in the country,” Renuka Holdings Executive Director Shamindra Rajiyah said. Richlife’s state-of-the-art manufacturing facility located in Molligoda, Wadduwa has obtained ISO 22000:2005 Food Safety Management Systems Certification, ISO 14001:2004 Environmental Management Systems Certification and OHSAS 18001:2007 Occupational Health and Safety Management Systems Certification. All its dairy products are Halaal certified and fruit beverages have SLS product certification.
Commenting on the acquisition by Renuka Group Manager-Sales Administration Chandana Pushpakumara said: “We are indeed pleased to be part of a larger, expert organisation with strong distribution capabilities, financial muscle and strategic focus. It will provide our quality products and committed employees a tremendous boost to achieve the full potential.
Richlife has been producing high quality nutritious products for more than 15 years. It is our intention to ‘bring nature’s richness to lives’ to everyone in this country. We are confident that Richlife Dairies would now have the opportunity to move in to new heights.”
Having a turnover of over Rs. 5 billion, 1240 employees and operating in 23 locations in the country, Renuka Holdings PLC is responsible for the strategic direction of the group and where appropriate has entered into strategic alliances and made far sighted acquisitions that will add value to its long term interests. As an organisation focused on results, the emphasis has been towards the creation of long term shareholder value in all its businesses, while being a socially responsible corporate citizen.
