CP to enter Sri Lankan shrimp sector

Charoen Pokphand Foods (CP Foods) has acquired a 75 percent stake in a Sri Lankan-based shrimp producer, Lotus Aquaculture.

CP Foods aims to generate two thirds of its revenue in projects outwith Thailand

The US$1.5 million deal, made through its indirect subsidiary, CPF India, will give the company access to Lotus’ shrimp hatcheries, farms and cold storage facilities in the island nation. According to AsianAgribiz, Lotus Aquaculture will become an indirect subsidiary of CPF India.

The acquisition follows an announcement made by CPFoods last November that it was looking to diversify geographically, and planned to generate two thirds of its revenue in projects outside Thailand.