Sri Lanka, May 7 -- Browns Investments PLC (BIL), the investment arm of Sri Lanka's LOLC Group has acquired FLMC Plantations (Pvt) Ltd in a Rs. 4.8 billion deal.
The acquisition was finalised on 5 May through a share sale and purchase agreement with Damro Manufacturing (Pvt) Ltd and Piyestra Furniture (Pvt) Ltd, BIL said in a statement.
FLMC Plantations is the holding company and managing agent for Pussellawa Plantations Ltd (PPL) and Melfort Green Teas (Pvt) Ltd. PPL operates more than 11,500 hectares of land across 24 estates in Sri Lanka's major tea-growing regions, including Nuwara Eliya, Kandy and Sabaragamuwa.
The estates produce 4.3 million kg of made tea and 2.3 million kg of rubber annually.
"Over the past two decades, LOLC Gro...