NZ approves China-backed plans for infant formula plants

New Zealand has given two big Chinese dairy firms the green-light to build infant milk formula plants in the country, paving the way for overseas firms to expand into the world’s largest dairy exporting country.

The Overseas Investment Office (OIO) said on Wednesday that it had approved separate applications from Yashili New Zealand Dairy Co and Inner Mongolia Yili Industrial Group to buy land to build the two formula processing plants, valued at more than NZ$200 million ($168.43 million) each.

via Business feed http://www.scmp.com/business/companies/article/1206165/nz-approves-china-backed-plans-infant-formula-plants