Renuka Holdings

Renuka Holdings PLC, also called Renuka Group, is a conglomerate company in Sri Lanka. Ceylonese businessman Alfred Thambiyah laid the foundations of the Renuka Group by acquiring the Crago Boat Dispatch Company in 1936 and establishing Renuka Hotel, named after his youngest daughter Indu Renuka in 1969. Indu Renuka Rajiyah founded Renuka Enterprises in 1975, and Renuka Holdings in 1979 marked the formal beginning of the group. Renuka Holdings went public in 2008 and following the listing on the Colombo Stock Exchange, the company pursued a growth strategy. Renuka Holdings is one of the LMD 100 companies in Sri Lanka and also one of the 20 largest conglomerates in Sri Lanka.

Renuka Holdings PLC
TypePublic
CSE: RHL.N0000
ISINLK0355N00004
Industry
Founded1979 (1979)
FounderRenuka Rajiyah
Headquarters
Colombo
,
Sri Lanka
Key people
  • Renuka Rajiyah (Chairperson)
  • S. R. Rajiyah (Managing Director)
  • S. V. Rajiyah (Managing Director)
BrandsRichlife
RevenueIncrease LKR10,741 million (2022)
Increase LKR925 million (2022)
Increase LKR942 million (2022)
Total assetsIncrease LKR17,843 million (2022)
Total equityIncrease LKR12,559 million (2022)
Owners
  • Renuka Group Ltd (46.27%)
  • S. R. Rajiyah and Renuka Rajiyah (16.68%)
  • Sena Yaddehige (4.14%)
Number of employees
1,338 (2022)
Subsidiaries
  • Renuka Agri Foods
  • Renuka Foods
  • Galle Face Capital Partners
  • Shaw Wallace Investments
Websitewww.renukagroup.com
Footnotes / references
[1]

History

Ceylonese businessman Alfred Thambiayah laid the foundations of the Renuka Group. Thambiyah went to business with Chittampalam A. Gardiner, and together they cofounded Ceylon Theatres Ltd in 1928. In 1936, Thambiyah acquired the Cargo Boat Dispatch Company, a shipping company operating in the Port of Colombo. Thambiyah was appointed chairman and managing director of Cargills (Ceylon) and Millers in 1960.[2] In 1969, Renuka Hotel built in Colombo and named after Thambiyah's youngest daughter Indu Renuka. Indu Renuka Rajiyah founded Renuka Enterprises in 1975[3] and Renuka Holdings in 1979 marking the beginning of the Renuka Group.[4] In 2008, Renuka Holdings was listed on the Colombo Stock Exchange.[5]

Renuka Group acquired a stake of 76% in Richlife Dairies for LKR505 million in 2012.[6] At the end of 2012, Renuka Holdings became one of the two companies in Sri Lanka to be included in Forbes Asia's "Best Under a Billion".[7] Following its public listing, the company pursued an expansionist strategy. Renuka Holdings acquired Shaw Wallace Ceylon Ltd in 2012. Access to Shawa Wallace's distribution channel was the strategy behind the acquisition.[8] After the acquisition, Shaw Wallace PLC was rebranded as Renuka Foods PLC in 2014.[9] Renuka Holdings renamed its subsidiary Kalamazoo Systems PLC to Renuka Capital in 2017[10] and to Shaw Wallace Investments PLC in 2021.[11]

Operations

Renuka Holdings is one of the LMD 100 companies in Sri Lanka. LMD 100 ranks the top 100 listed companies in Sri Lanka by revenue annually. Renuka Holdings ranked 73rd in the 2020/21 edition while its indirect subsidiary Renuka Foods ranked 74th.[12] Renuka Holdings is one of the 20 largest conglomerates in Sri Lanka. In 2019, Renuka Holdings' corporate brand value was worth LKR1,279 million.[13] In 2020, Renuka Holdings entered into an agreement with Sanken Constructions to develop an LKR3.9 billion mixed development project near the Galle Face Green. The project is known as Galle Face Icon and it would be a 32-storey building with office spaces. The project is planned to operate under Renuka Holdings' subsidiary Galle Face Properties Ltd.[14]

Subsidiaries of Renuka Group, Shaw Wallace & Hedges and Shaw Wallace Investments acquired a stake of 63.5% of Guardian Capital Partners PLC from Carson Cumberbatch in 2021. Guardian Capital Partners is a private equity firm and earlier it was planned to be sold to Singapore-based Gazelle Asset Management. After that arrangement fell through, Renuka Group's subsidiaries acquired the company for LKR533.27 million.[15]

See also

References
  1. "Annual Report 2021/22" (PDF). cse.lk. Renuka Holdings PLC. Retrieved 19 December 2022.
  2. Edirimuni Chandrasekera, Duruthu (7 July 2013). "Alfred Leo Thambiayah: Trailblazer in entrepreneurship". The Sunday Times. Wijeya Newspapers. Retrieved 20 December 2022.
  3. Edirimuni Chandrasekera, Duruthu (2 December 2012). "Renuka Group – Leaving a lasting legacy". The Sunday Times. Wijeya Newspapers. Retrieved 20 December 2022.
  4. "Corporate Profile" (PDF). renukagroup.com. Renuka Holdings PLC. Retrieved 20 December 2022.
  5. "Renuka Holdings listed on CSE". The Sunday Times. Wijeya Newspapers. 16 March 2008. Retrieved 20 December 2022.
  6. "Renuka Agri Foods buys Richlife Dairies for Rs. 505 m". Daily FT. Wijeya Newspapers. 25 January 2012. Retrieved 20 December 2022.
  7. "Renuka Holdings in Forbes Asia's 'best list'". Daily News. Associated Newspapers of Ceylon Limited. 3 December 2012. Retrieved 20 December 2022.
  8. "Renuka Holdings bullish on Agri, Automotive and FMCG". Sunday Times. Wijeya Newspapers. 25 September 2011. Retrieved 20 December 2022.
  9. "Renuka Shaw Wallace rebrands as Renuka Foods". adaderana.lk. Ada Derana. 27 October 2014. Retrieved 20 December 2022.
  10. "Kalamazoo renamed as Renuka Capital". Daily FT. Wijeya Newspapers. 19 June 2017. Retrieved 20 December 2022.
  11. "Circular to the shareholders" (PDF). cse.lk. Renuka Capital PLC. Retrieved 20 December 2022.
  12. "Financial Profile". LMD 100. Media Services Pvt Ltd. Retrieved 20 December 2022.
  13. "Sri Lanka 100 2019" (PDF). brandirectory.com. Brand Finance. 2019. p. 15. Retrieved 20 December 2022.
  14. "Sri Lanka's Sanken to build Rs.3.9bn Renuka Holdings' Galle Face Icon tower". Economy Next. Echelon Media (Pvt) Ltd. 14 January 2020. Retrieved 20 December 2022.
  15. "Renuka Group acquires 63.5% of Carson's private equity firm for Rs.535mn". Daily Mirror. Wijeya Newspapers. 29 October 2021. Retrieved 20 December 2022.
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