Renuka Shaw Wallace to invest $13.81m in Sri Lankan F&B sector
Renuka Shaw Wallace, formally known as Coco Lanka, has launched a new corporate identity and announced plans to invest SLR1.8bn ($13.81m) in the food and beverage (F&B) sector over the next three years.
The company plans to add new products to the existing lineup, expand trade outlet network and even acquire other companies in its bid to move away from being only agri business firm to become a full-fledged food and beverage company.
The investment will be focused on manufacturing, organic certified plantations, fish processing plants, coconut water and dairy.
CEO and Executive director Shamindra Rajiyah said: "Our new name better reflects the complete spectrum of businesses we are in and the opportunities we are unleashing. Renuka Shaw Wallace brings together a portfolio of food and beverage companies which are leaders in their respective segments."
Renuka Shaw Wallace's businesses consist of fast moving consumer goods, food service, dairy and agri-exports under Renuka Consumer Foods, Shaw Wallace Ceylon, Shaw Wallace Food Services, Renuka Products, Renuka Agri Foods, Renuka Organics, Renuka Teas Ceylon and Kandy Plantations.
Some of the company's brands include Renuka Coconut products, Richlife Dairy products, Sun Gold instant drinks, Cheers fruit juices and Rainer's Colourings and Essences.
With five factories, nine processing centers, two plantations, an out-grower network exceeding 5000 farmer families, a warehouse and a logistics centre, the company employs 1240 people.
The company exports to 61 nations and distributes to 65,000 grocery stores across the nation.