CBL Group, a leading diversified food manufacturing conglomerate in Sri Lanka, has announced the strategic acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a substantial coconut processing facility. This acquisition involves an investment exceeding USD 25 million and employs over 800 workers. The investment was facilitated by the International Finance Corporation (IFC), a member of the World Bank Group.
The acquisition aligns with CBL Group’s broader global expansion strategy, aiming to bolster its position in the rapidly expanding value-added coconut and coconut-based products sector while enhancing scale and resilience. Indonesia, known as the world’s largest coconut producer, plays a pivotal role in this strategy.
Shea Wickramasingha, Group Managing Director of CBL Group, stated, “This acquisition is a strategic step in increasing capacity and enabling geographic risk mitigation, with the objective of strengthening our market share in the global coconut milk category. The Indonesian factory will also enable us to further leverage Indonesia’s trade agreements with several export markets.”
The global demand for coconut-based products is on the rise, driven by an increasing consumer preference for plant-based, natural, and functional ingredients. The global coconut products market is projected to approach USD 12 billion by 2030, presenting significant opportunities for value-added exporters. In Sri Lanka, coconut and coconut-based exports surpassed the USD 1 billion mark in 2025, underscoring the sector’s growing significance to the national economy.
Randeewa Malalasooriya, Director/Chief Executive Officer of CBL Natural Cluster and President Director of PT Tri Jaya Tangguh Indonesia, commented, “While we are doubling our capacity in Sri Lanka, Indonesia is a critical hub in the global coconut industry. Bringing TJT into the CBL Group allows us to significantly scale our processing and manufacturing capabilities, strengthen supply-chain resilience, and better serve international customers. With this investment, we are targeting a substantial increase in production capacity, alongside the expansion of exports to key international markets, including Europe and the United States. Importantly, we remain committed to prioritizing the local workforce, with plans to progressively add employment opportunities over the coming years as the business grows.”
This acquisition is anticipated to enhance CBL Group’s end-to-end coconut value chain, supporting product innovation, expanded export capacity, and improved access to key international markets.
