January 18, 2012

The control of Richlife Dairies Limited, a manufacturer of dairy and fruit products, is being planned to be bought by Sri Lanka's Renuka Agri Foods, a stock exchange filing said.

The deal grants Renuka Agri Foods the exclusive right to buy the shares after completion of a due diligence exercise, it said.

The statement also said Renuka Agri Foods has assumed management control of Richlife Dairies from January 13, 2012 under the deal.

It also exports tea in bulk, packets and bags, and owns an organic plantation and manages an out grower network.

Renuka Agri Foods said it has signed an agreement to purchase 76% of the issued capital of Richlife Dairies. Renuka Agri Foods is an exporter of coconut products like coconut milk powder, canned coconut milk, creamed coconut, defatted coconut and coconut water in both conventional and organic forms.