Browns Investments expands plantation empire with another Rs. 4.8 b acquisition

BROWNS Investments PLC (BIL), the investment arm of the LOLC Group, yesterday announced a significant expansion of its plantation portfolio with the acquisition of FLMC Plantations Ltd., (FLMC).

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The acquisition was completed yesterday through a Share Sale and Purchase Agreement with Damro Manufacturing Ltd., and Piyestra Furniture Ltd., for a total consideration of Rs. 4.8 billion.

FLMC Plantations serves as the holding company and managing agent for Pussellawa Plantations Ltd. (PPL) and Melfort Green Teas Ltd.

PPL operates over 11,500 hectares of land across 24 estates, managing 5,400 hectares of tea, 5,900 hectares of rubber, and 200 hectares of minor crops. The estates collectively produce 4.3 million kilograms of made tea and 2.3 million kilograms of rubber annually.

Strategically located in Sri Lanka's renowned tea-growing regions, including Pussellawa, Udupussellawa, Nuwara Eliya, Kandy, Ruhuna, and Sabaragamuwa, these estates will further enhance BIL's presence in the country's agricultural landscape.