AgStar enters rice industry with Rs. 41.7 m acquisition

AgStar Fertilizers Plc is entering the rice industry with an investment of Rs. 41.7 million investments.

The company has acquired a 51% stake in Mahaweli Rice Processing Industries Ltd., which is a Dehiattakandiya-based venture involved in processing and distribution of rice.

The diversification into rice processing comes hot on the heels of AgStar in December acquiring a factory complex in Ekala, Ja-Ela of nine acres with over 150,000 square feet of factory warehouse for Rs. 400 million to relocate its fertiliser operations from Peliyagoda.