CPF India, an indirect subsidiary of Charoen Pokphand Foods (CP Foods), purchased a 75 percent stake in Sri Lanka-based Lotus Aquaculture Lanka for $1.5 million (€1.3 million).
Lotus Aquaculture will become an indirect subsidiary of CPF India.
Lotus Aquaculture operates a shrimp hatchery, farm and cold storage in Sri Lanka. The investment allows CPF India to enter into shrimp business in Sri Lanka.
Parent company CP Foods expects revenues to grow more than 15 percent particularly through operations in Thailand. Net profits hit THB 15,531 million ((€440.8 million/$499.4 million) driven by overseas expansion.
The aquatic business is present in eight countries including Thailand, China, Vietnam, India, Malaysia, the Philippines, Brazil and the United States.
The company announced shifting direction to overseas investment in November to tackle global economic uncertainties, projecting that two-thirds of its revenue will, in future, come from operations outside of its Thailand base.