Pioneer chicken processor Bairaha Farms PLC subsidiary Glboal Reach Foods Pvt. Ltd. has invested Rs.310 million in a new venture that involves the production and export of certain niche meat-based products.
The company is expected to commence operations on November 1, 2023.

For this purpose, the company has acquired land and building in Pannala in the Kurunegala District for a sum of Rs.214.1 million and the machinery in that building is owned by Rainbow Pvt. Ltd. for Rs.95 million.
A stock market filing by Bairaha Farms said the acquisition of machinery excludes plant and equipment for fish processing.

“The total purchase consideration including stamp duty and legal fees was Rs.310 million,” the filing said.
“Besides three Directors from Bairaha Farms PLC, who would be appointed as directors in Global Reach Food Pvt. Ltd., to represent Bairaha Farms, another two external directors would be appointed as Executive Directors, who have the expertise with regard to production and export of the above products,” it added.