Russian baby food group Nutritek has acquired a 51.52% stake in New Zealand Dairies (NZDL) and intends to further increase its shareholding.

At the end of May, Nutritek was granted approval by the Overseas Investment Office of New Zealand to take 100% of the dairy.

Nutritek said that it has “firm agreements” in place to continue to grow its share over the next year.

Nutritek chairman George Sazhinov said that, in taking a majority stake in NZDL, Nutritek had reached a fresh milestone in its plans to invest in Asia-Pacific.

The company will now proceed with plans to add further production facilities to the NZDL plant at Studholme, South Canterbury, and to develop high-technology and high value-added products in New Zealand.