Mar 12, Colombo: Sri Lanka's Renuka Agri Foods PLC has purchased a 24 percent stake of Richlife Dairies Limited for Rs. 100 million.

In a stock market filing on Monday, Renuka Agri Foods disclosed that it purchased 4,869,600 shares amounting to the remaining 24 percent stake of Richlife Dairies.

Richlife Dairies is now a 100 percent owned subsidiary of Renuka Agri Foods which purchased a 76% stake of the Richlife for Rs. 505 million last year.

Renuka Agri Foods PLC manufactures and markets a range of premium coconut products in conventional and organic forms.

Richlife Dairies Limited is engaged in manufacturing milk based and fruit based food and beverages under the brand names Richlife and Cheers.