Pyramid Wilmar to increase stake in local sugar industry | Daily News

Pyramid Wilmar to increase stake in local sugar industry

Pyramid Wilmar is looking at increasing its stake in the local sugar industry with a refinery in their facility in Muthurajawela and looking at a sugar cane plantation.

“We are to invest around US$ 50 million for this operation in the next three years which would also help reduce Sri Lanka’s sugar import bill, save foreign exchange to the country. We are now awaiting government approval to commence operations and the plantations,” said Head of Sales and Marketing, Pyramid Wilmar Hiranth Fernando subsequent to the MeadowLea launch held at Cinnamon Lakeside.

He also aid that Pyramid Wilmar will also increase their production of MeadowLea spread mainly to cater to their growing export demand to regional markets. “We are not exporting MeadowLea in sufficiant volumes. We expect to increase local production. Here we will invest US $15 million to expand our production facilities in the Muthurajawela plant. This investment would be utilized in the next two years.”

Wilmar International and Hong Kong investment company First Pacific acquired Goodman Fielder Australia in 2015, hence Goodman Fielder International become a subsidiary of Wilmar International. Capitalising on the opportunity, Pyramid Wilmar seeks to start local production of MeadowLea spread in two years and commenced R&D to enhance MeadowLea spread to meet the needs of the local market.

Pyramid Wilmar is also a shareholder of the Shangri-La Hotel projects in Sri Lanka which are one of the flagship and strategic development projects with a high net value investment in Sri Lanka.

Pyramid Wilmar came to a partnership with Sunshine Holdings to strengthen Agri Business and FMCG and also developed the first Palm Oil refinery by a Plantation company in Sri Lanka. (SS)

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