Lotus, which provides intelligent renewable energy solutions, are strong on collaborations, that keeps the organization connected. Its rich heritage in renewable energy solutions combined with long-standing partnerships will further strengthen with this acquisition, which branches in to the crop processing area, while strengthening its renewable capability.
Hatton Plantations is a group company of CSE listed Sunshine Holdings (SUN), and Lotus is the Sri Lankan subsidiary of G&G, Singapore.
‘We have long admired HPL as a world renowned and highly respected Tea Company that is by some distance the market-leader in its field. HPL will be an excellent strategic fit within the G&G Group as we invest to capture the very significant opportunities provided by the Tea Industry,’ Chairman, Gary Seaton, said.
‘We have been doing these types of acquisitions despite the volatility in the agricultural sector, and despite the disappointing overall risk laden market prognosis, due to the Easter Sunday Attacks. G&G specializes in unblocking underutilized companies and their potential, which is why we made this acquisition despite the current risk perceptions,’ said Director, Lotus, Gowri Shankar.
Lotus previously acquired Lotus Hydro Power (formerly Browns) and Zyrex Power, in a rapid expansions spree within just three years.
Indrajith Fernando, Director Lotus Hydro, commented,” Strategic investor G&G and Lotus has great potential, and mega investment plans”.
“Lotus’s acquisition of Hatton Plantations is another in a series of potential major investments in Sri Lanka. It’s a growth opportunity for Lotus through an extended operational boost combining both Lotus’s and HP’s strengths. G&G the parent Company of Lotus, has cast its net wide, with interests in Strategic sectors renewable energy and sustainable agriculture,” Fernando said.
“This investment also marks our strong commitment to Sri Lanka and the competitive advantage provided by the deep pool of talent in Sri Lanka” said Menaka Athukorala, Director of Lotus Renewable Energy.
Lotus is G&G’s local subsidiary. Since inception, Lotus’s business and service orientation has evolved to meet the unique demands of the dynamic and maturing renewable market. Lotus operates across India, Sri Lanka, Singapore and Australia. In Australia the Company operates under the name Sunmania (Pvt.) Ltd.
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