CIC Holdings is to focus more on food manufacturing while expecting to make significant investments in dairy and tourism sectors.
The CIC Group performed exceptionally well during last year and is keen on continuing the growth impetus in the future, CIC Holdings PLC Managing Director and CEO, Samantha Ranatunge told Daily News Business.
He said with the outstanding performance of the company; the product focus has shifted more towards food manufacture. Thus, the company hopes to engage in some significant investments in the dairy and tourism sectors, which are indicating a rapid improvement at present.
The company is eager on building capacity in the agricultural sector as it plays a key role in every economy. In the agriculture sector the company's special focus will be made on eggs, curd and bananas.
There is an improving demand for bananas in both local and export markets.
Ranatunge said the group is keen on taking the maximum advantage out of the peace dividend and the general development of infrastructure.
Hence, the CIC Group expects to grow contributing heavily to the Gross Domestic Production (GDP) growth in the coming years.
In the areas of chemicals, the company has made an investment expected to be over Rs 500 million to value added adhesives as well as soil nutrient related products for catering specially to the export market.
"We have requested two farms for demonstration purposes from the Government in the Northern province as there are many abandoned farms in the Northern province. If the Government approves the application, the company will have an opportunity to improve the agriculture industry in the province where many families will benefit with employment and an increase in the standards of their livelihood," he said.
The company has already established an extensive program on seed and is awaiting the approval from the authorities. The company opened two agri centres in the Kilinochchi area and the Jaffna peninsula that made available most of their products at these centres.
There are two dairy farms that are operating in the Eastern province, in which these companies currently process 2,000 litres of milk per day.
These two dairy farms have performed commendably during the past one and half years. With the enhancement, the company started on a trial market for yoghurt in the Eastern province and the product was well received.
Thus, the company will soon re-brand and introduce CIC yoghurt to the urban markets with an investment of around Rs 30 million.
"The company has recently orientated itself to be a food and a food related company and this change made us move away from the chemicals identity" Ranatunge said.
source - www.dailynews.lk
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