China's dairy firm Yili plans to invest $214m in New Zealand
Inner Mongolia Yili Industrial Group, a China-based dairy company, plans to invest $214m to establish an infant formula plant in South Canterbury and as part of this plan, it intends to acquire New Zealand-based Oceania Dairy Group.
Yili will acquire Oceania in order to gain acess to the latter's land resource consents.
The plant will come up on 38ha land and the construction work is expected to finish by June 2014. Initially, the dairy facility will operate at 60% capacity and full production of 47,000 tons is expected to reach only by 2016-17.
The acquisition has to be approved by New Zealand's Overseas Investment Office and Chinese regulatory authorities.
The Chinese firm said it is planning to invest in New Zealand because of the availability of relatively cheap raw milk and the prospect of the free-trade agreement with China, which will see elimination of import tariffs by 2020.
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