By CARINE LEE
Olam International Limited on Monday announced that it has invested US$75 million for a 75 per cent stake in Russian Dairy Company, a growing player in the Russian dairy industry.
The company plans to develop large scale dairy and grains farming in the Penza region of Russia.
'The investment in Russian Diary is another important step towards the implementation of Olam's dairy and grains strategy, which involves selective integration across the value chain with a focus on building end-to-end capabilities,' said Sunny Verghese, CEO of Olam.
Russian Diary plans to invest US$400 million over the next four to five years to expand the area under grains cultivation from the current 52,000 hectares to 106,000 hectares.
It will also construct four new modern dairy farms to increase the total milking cows population to 20,000 heads from 3,600 heads.
The company also has plans to establish a training and development centre aimed at inculcating best practices in international farming and milk production.
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