The plans have received approval from the NZ Overseas Investment office.
The consent will lapse if Yashili New Zealand has not built a milk processing plant as described in its application. The company now has around three years to establish the facility, which will be operated via its recently established subsidiary, Yashili New Zealand.
It will have a capacity of 52,000 tonnes.
The company said it will spend 950 million yuan on acquiring land and building the plant, and a further 150 million yuan as working capital for a New Zealand subsidiary.
Source: Yashili International Holdings
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