Conglomerate in the making (1995–2016)
In 1995, the company entered into a joint venture with Pernod Ricard of France, one of the top 5 liquor producers in the world, to incorporate Periceyl Limited to produce whiskeys, brandies, and other international liquor in Sri Lanka for the Sri Lankan market. The company represents world-renowned brands such as Chivas Regal and Jameson Irish Whiskey in Sri Lanka. In 1995, the company subsequently acquired the century-old Beruwala Distillery Limited.
In 1996, the company signalled its intention of diversifying into non liquor sectors and acquired tea and rubber plantations by purchasing significant stakes in Madulsima Plantations PLC and Balangoda Plantations PLC under the government's privatization program. In 1999 the company acquired a significant stake in highly diversified Aitken Spence PLC, which has interests in power generation, shipping and hotels in Sri Lanka, India, Oman and the Maldives. In 2003 the company acquired a 90% stake in Sri Lanka Insurance Corporation Limited when the Sri Lankan government sold the state-owned insurer.[6] Sri Lanka Insurance Corporation is a composite insurer with life and non-life insurance portfolios and over US$500 million in assets and assets under management. In June 2009, the Supreme Court of Sri Lanka determined that the privatization of Sri Lanka Insurance was flawed, annulled the privatization and ordered that its current owners return its shares in the company back to the treasury. However, its owners have been allowed to keep profits made by the insurer after privatization.[7]
In 2005, the company acquired a 99% stake in Lanka Bell Limited, a fixed-line telecom operator in Sri Lanka.[8]
DCSL used to be the holding company of Lanka Bell Limited, Periceyl Private Limited, Pelwatte Sugar Industries PLC, Balangoda Plantations PLC, Madulsima Plantations PLC, Texpro Industries Limited and then associate company Aitken Spence PLC.
