Lanka Milk Foods was a subsidiary of the Co-operative Wholesale Establishment (CWE) which later converted to a joint-stock company.

The company was incorporated in 1981 and listed on the Colombo Stock Exchange in 1983 with Sri Lankan Government holding the majority of the shares.

Lanka Milk Foods was a subsidiary of the Co-operative Wholesale Establishment which converted to a joint-stock company.

[3] The company was incorporated in 1981 and was listed on the Colombo Stock Exchange in 1983, with the majority of shares held by the Government of Sri Lanka.

[8] Ambewela Products (Pvt) Ltd, a subsidiary of Lanka Milk Foods, invested LKR one billion to build a new dairy plant in 2008.

The reduction of dependency on imported milk powder to save foreign exchange reserves was cited as a corporate social responsibility.

[10] The company celebrated the 20th anniversary of its Daily product range in 2016 in a function held in Heritance Negombo.

[11] In 2020, Lanka Milk Foods planned to commission a new dairy farm at a cost of LKR3 billion.

President requested 30 acres (12 ha) of unused land to be given to Lanka Milk Foods to grow fodder.

Currently, Ambewela farm produces 40,000 litres per day compared to 1,500-litre daily production under state ownership.