The European Bank for Reconstruction and Development (EBRD) is investing up to €17.5m (US$21.1m) in the Russian subsidiary of French dairy products group Danone, allowing the company to more than double its annual production to 310,000 tonnes by 2007.
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OOO Danone Industria would also be able to collect milk from ten additional regions west and south of Moscow and launch new products; it is already Russia’s second largest yoghurt producer.
The EBRD initially invested US$21m in the Russian subsidiary in 2001. The bank has injected $74m equity investments into five Danone projects in Russia, Bulgaria, Romania and Poland.
