Renuka Shaw Wallace unveils growth plans

Renuka Shaw Wallace (formerly known as Coco Lanka PLC) will invest Rs 1.8 b to implement a capital and brand expansion plan to be completed by 2015.

"Our new name reflects the complete spectrum of businesses we are in and the opportunities we are unleashing. The company brings together a portfolio of food and beverage entities which are leaders in their segments. It draws on the heritage of trust built by the brands from generation to generation in Sri Lanka," said Renuka Shaw Wallace CEO and Executive Director Shamindra Rajiyah at the media briefing to launch the new mission and corporate identity.

With plans to become a full-fledged home grown food and beverage conglomerate in Sri Lanka, Renuka Shaw Wallace plans to reach Rs 1.3 b in revenue by 2015. "With the expansion process in place the company is targeting turnover in excess of Rs 5 b and expects to reach double digit growth on a yearly basis. We focus on four key brands of Captain Jack Mackerel and Soya Meat, Renuka coconut products, Rich Life dairy products and Sun Gold instant drinks and to drive the revenue growth taking advantage of the favourable environment created through the Budget," he said.

The company consolidated its position by the recent acquisition of Shaw Wallace and Rich Life at a cost of Rs 1 billion.

As part of the rebranding and expansion of the business, Renuka Shaw Wallace will raise Rs. 1,008 m by way of a Rights Issue which closes on December 7, 2012.

- SJ