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CIC seeks to invest in Aussie dairy farm
By Richard Fu |
September 25, 2012, Tuesday
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Print Edition
Print Edition
CHINA'S sovereign wealth fund is in talks to invest in Australia's dairy industry, including its largest dairy farm in Tasmania.
China Investment Corp executives visited the island state earlier this month to inspect Australia's largest dairy farm at Woolnorth, operated by Van Diemen's Land Co, and the Little Lion dairy operation which is on the market for around A$80 million (US$83 million), the Australian Financial Review said yesterday.
Tasmanian Premier Lara Giddings said she has pitched directly to CIC investment opportunities in Tasmanian agricultural, mining and other major industries during a visit to China, according to a statement issued on Sunday following her return to the island.
CIC was particularly interested to tap agricultural opportunities created by the state's A$400 million irrigation program, which would help double dairy output, the Review quoted Giddings as saying.
CIC couldn't be reached for comment yesterday.
Chief Executive Michael Guerin confirmed yesterday that VDL is looking to raise A$180 million by selling equity and debt to expand milk production but was tight-lipped on potential investors.
"As with all commercial equity raising processes the matters are commercial in confidence at this stage," Guerin said.
"There has been a lot of interest in the proposed VDL expansion plans and there are a number of investors interested in the project," he said.
Australian Treasurer Wayne Swan said yesterday in Canberra that investment from China and other countries is "welcome in this country because it supports jobs."
China Investment Corp executives visited the island state earlier this month to inspect Australia's largest dairy farm at Woolnorth, operated by Van Diemen's Land Co, and the Little Lion dairy operation which is on the market for around A$80 million (US$83 million), the Australian Financial Review said yesterday.
Tasmanian Premier Lara Giddings said she has pitched directly to CIC investment opportunities in Tasmanian agricultural, mining and other major industries during a visit to China, according to a statement issued on Sunday following her return to the island.
CIC was particularly interested to tap agricultural opportunities created by the state's A$400 million irrigation program, which would help double dairy output, the Review quoted Giddings as saying.
CIC couldn't be reached for comment yesterday.
Chief Executive Michael Guerin confirmed yesterday that VDL is looking to raise A$180 million by selling equity and debt to expand milk production but was tight-lipped on potential investors.
"As with all commercial equity raising processes the matters are commercial in confidence at this stage," Guerin said.
"There has been a lot of interest in the proposed VDL expansion plans and there are a number of investors interested in the project," he said.
Australian Treasurer Wayne Swan said yesterday in Canberra that investment from China and other countries is "welcome in this country because it supports jobs."
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