The Browns group is considering investing in Pussellawa Plantations Ltd. and Mathurata Plantations Ltd., through the parent company Free Lanka, according to some industry sources.
“The company is planning to reach an agreement by early next month,” an industry source said. Free Lanka manages the two companies with Pussellawa having 12 tea estates, four tea cum rubber estates and nine rubber estates, whilst Mathurata comprises 19 tea estates. The Browns Group, controlled by the Cooray family for many decades was bought over last year by Taprobane Fund Management, floated by entrepreneurs Ishara Nanayakkara, Ajith Devasurendra and Shankar Somasundaram.
Stock market analysts said that Browns started as a plantation company and it now makes sense to come full circle by getting back into plantations. “There is a lot of potential in tea and robber at present and rather than being a mere trading company it wants to be a manufacturing company,” a stock market analyst said.