LMF, Tunip new venture
Lanka Milk Foods (CWE) PLC (LMF) has entered into a joint venture
with Tunip Agro Limited of India to import fruit pulp and concentrates,
process, pack and export fruit juices after value addition in Sri Lanka,
a CSE filing said yesterday.
Under this joint venture the company by the name of Indo Lanka
Exports (Private ) Limited being incorporated to carry out these
operations. These value additions being done under the Indo- Sri Lanka
Free Trade Agreement, it further said.
The initial investment of the project was Rs 60 million and Lanka
Milk Foods CWE PLC has invested Rs 30.6 million for the venture while
the Indian party has invested Rs 29.4 million.
Lanka Milk Foods CWE PLC holds a 51 stake in the joint venture and
the remaining stake is held by Tunip Agro. Tunip Agro Limited engages in
the production and marketing of fruit juices and other fruit-based
beverages under the brand name of Onjus.