Sri Lanka’s diversified conglomerate, CIC Holdings Plc (CIC) which has a large presence in the agricultural and livestock industry has plans to upgrade Hingurakgoda and Muthuwela farms in order to cater the growing demand of dairy industry in the country. Further in its pipeline of future investments, CIC also intends to set up a diary milk processing operation in Dambulla with a 25,000 liter capacity per day at a total cost of approximately Rs.450 million.
“CIC has also taken a major initiative to expand overseas where the company has made a joint venture with the largest supermarket chain in Bangladesh “Rahimafrooz”. Company plans to acquire lands for cultivation in Bangladesh where the project is expected to boost revenue from FY2013 onwards,” a recent research report by Asia Wealth Research stated.
This report noted that CIC, which acquired an 82.35% equity stake in Ceylinco Pharmaceuticals limited during FY12, also expects to manufacture its own pharmaceutical product range in future.
CIC’s inception dates back to 1940’s when it was formed as a subsidiary of Imperial Chemical Industries (ICI) in UK. The company was formerly known as ICI prior to change of its name to CIC in 1964. The company has strong market positions in most of its business segments especially in agricultural business portfolio and has footprints in consumer and pharmaceutical industries, paints, industrial raw material and packaging.