Mergers and Acquisitions: CBL Group acquires Indonesian TJT

CBL Group, a Sri Lankan diversified food manufacturing conglomerate, announced its acquisition of PT Tri Jaya Tangguh Indonesia (TJT), a large coconut processing facility, with an investment of over $ 25 million. TJT has a workforce of over 800 employees.

The investment was supported by the International Finance Corporation (IFC), a member of the World Bank Group. “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,” said CBL Group Managing Director Shea Wickramasingha.

Global demand for coconut-based products continues to rise, driven by growing consumer preference for plant-based, natural, and functional ingredients. The global coconut products market is projected to reach nearly $ 12 billion by 2030, presenting significant opportunities for value-added exporters. In Sri Lanka, coconut and coconut-based exports surpassed the $ 1 billion mark in last year (2025), highlighting the sector’s growing importance to the national economy.

CBL Natural Cluster Director/Chief Executive Officer and PT Tri Jaya Tangguh Indonesia President Director Randeewa Malalasooriya added: “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 prioritising the local workforce, with plans to progressively add employment opportunities over the coming years as the business grows.”

The acquisition is expected to enhance CBL Group’s end-to-end coconut value chain, supporting product innovation, expanded export capacity, and improved access to key international markets.

Source - The Morning