"The acquisition of Kotmale Holdings PLC comes in the wake of these identified opportunities and potential for sustainable long term growth.
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The Cargills group runs the island's largest retail chain.
Cargills had bought a 73 percent stake in Kotmale Holdings which will bring it three plants in Bogahawatta, Kalutara and Colombo, the firm said.
Cargills said the take-over will add to its dairy products range which is now led by its popular 'Cargills Magic' branded ice cream.
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"This would also provide Cargills the opportunity to expand its dairy out-grower base from its present network of 5,000 and thereby further empower the local dairy industry," the firm said.
"Kotmale at present collects over 12 million litres of fresh milk per annum.
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The firm said with higher per capital income growth expected, a change in lifestyles will expand the fast moving consumer goods business.
"The Company is therefore looking to further diversify its businesses in line with its core busin