GIC consortium invests US$106m in China dairy

[HONG KONG] China's Huaxia Dairy Farm Ltd said yesterday it has received US$106 million in investment capital from a consortium led by Singapore sovereign wealth fund GIC and private equity firm Olympus Capital, to expand its farming operations and retail dairy business.

Huaxia, which operates three dairy farms in Sanhe outside Beijing, is building a fourth farm in Xinghua, Jiangsu, to meet growing demand for high-quality raw milk.

GIC is investing US$70 million, Olympus Capital is investing US$30 million, and other shareholders including Grand River Capital are investing US$6 million, Huaxia said.