June 15 (LBO) – Namunukula Plantations said Thursday that it had subleased its Uva range of estates to Tusker Bottling Company for 50 million rupees.
With the sub-lease, TBCL also took over borrowings of 350 million rupees from Namunukula, the company said in a statement to the Colombo Stock Exchange.
The up-country estates were handed over to TBCL for a Board of Investment approved tea bottling project, a top company official said.
Namunukula has interests in cultivation and processing of tea, rubber, coconut, oil palm and other minor crops.
The company is managed by the Richard Peiris Group, which also manages the Maskeliya and Kegalle plantation companies.