Sri Lanka CIC Holdings to invest US$14mn in expansion

June 05, 2012 (LBO) – Sri Lanka’s CIC Holdings PLC, with investments from agriculture to paints, plans to invest over 14 million dollars in the coming months, to expand dairy, poultry and healthcare business, an official said. The dairy segment, which includes fresh milk production to yoghurts, will see a 6.5 million dollar investment to expand new facilities in Dambulla, the group’s chief executive, Samantha Ranatunga told an investor forum.

An investment of about 7.5 million dollars will be made in the the poultry sector, to triple capacity within the next two years.

“We are committed to expand our reach into the agriculture sector, which we see potential for future growth,” Ranatunga said last Friday.

While he declined to specify the source of funding, Ranatunga said other sectors like feeds, pharmaceuticals, stationary, Link Products (a herbal remedy), veterinary care are being expanded to keep up with demands of the business.

CIC plans to exploit its investments in Ceylinco Pharma, as the latter has rights to make antibiotics.

“We have always traded in pharmaceuticals, but never had the opportunity to make pharmaceutical products. The CeylincoPharma project gives us the opportunity to get into t