Browns Investments acquires Damro’s plantations’ assets
View(s):Browns Investments PLC (BIL), the investment arm of the LOLC Group and Sri Lanka’s rising star in the acquisition of local and global assets which align with the company’s strategies, this week announced a significant expansion of its plantation portfolio with the acquisition of FLMC Plantations (Pvt) Ltd (FLMC).
The acquisition was completed on May 5, 2025, through a Share Sale and Purchase Agreement with Damro Manufacturing (Pvt) Ltd and Piyestra Furniture (Pvt) Ltd, for a total consideration of Rs.4.8 billion, LOLC said in a media release.
FLMC Plantations serves as the holding company and managing agent for Pussellawa Plantations Ltd (PPL) and Melfort Green Teas (Pvt) Ltd. PPL operates over 11,500 hectares of land across 24 estates, managing 5,400 hectares of tea, 5,900 hectares of rubber, and 200 hectares of minor crops. The estates collectively produce 4.3 million kg of made tea and 2.3 million kg of rubber annually. Strategically located in Sri Lanka’s renowned tea-growing regions, including Pussellawa, Udupussellawa, Nuwara Eliya, Kandy, Ruhuna, and Sabaragamuwa, these estates will further enhance BIL’s presence in the country’s agricultural landscape.
Commenting on the acquisition, the Group Managing Director/ CEO of LOLC Holdings PLC, Kapila Jayawardena said: “Over the past two decades, LOLC Group has been guided by a bold vision of expansion and diversification, positioning ourselves as a global powerhouse across multiple sectors. Our acquisition of FLMC Plantations through Browns Investments PLC is another key milestone in strengthening our leadership in agriculture and plantations. With the addition of Pussellawa Plantations and Melfort Green Teas, we are not only expanding our footprint in Sri Lanka’s premier tea-growing regions but also enhancing our ability to supply premium-quality tea to global markets. This acquisition further solidifies our position as the largest tea producer and exporter, both in Sri Lanka and globally, strengthening our commitment to growth, sustainability, and excellence in the tea industry.”
This acquisition is part of BIL’s ongoing strategy to consolidate and expand its plantation operations. It complements the group’s existing ownerships, including Maturata Plantations Limited, Udapussellawa Plantations PLC, Hapugastenne Plantations PLC, and the recently acquired Tea Smallholder Factories PLC. With the addition of FLMC Plantations, the group further solidifies its position as Sri Lanka’s largest tea producer, with an annual production capacity of approximately 17.5 million kg of made tea.
On a global scale, the LOLC Group continues to stand as the world’s largest tea producer and exporter with an annual production of approximately 100 million kg of made tea. The group’s international tea portfolio spans across China, Kenya, Rwanda, and Tanzania, with subsidiaries such as Browns Plantation Guizhou Tea Company Ltd, Browns Plantations Kenya Ltd, Limuru Tea PLC, Browns East Africa Plantations PLC (formerly Lipton Teas and Infusions Kenya PLC), Browns Plantations Rwanda Ltd, and Browns Plantations Tanzania Ltd.
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