Russian Direct Investment Fund and TH Group are going to jointly invest in dairy projects worth $633 million in Russia.
It is expected that the two sides would sign a cooperation agreement at the St. Petersburg International Economic Forum (SPIEF) by the end of this month. Russian Direct Investment Fund (RDIF) is Russia’s sovereign wealth fund established in 2011. It has attracted about $30 billion of investment to the Russian economy.
The Russian news agency quoted a RDIF spokesman as confirming the agreement with TH Group, but it refused to provide any further information. It is said that this joint venture would develop both projects located in Kaluga and Moscow.
In Russia, TH Group started farm construction in Moscow and received 1,100 dairy cows in January. According to TH group, the Moscow project will have the total investment of $500 million. Dairy yield after the project has been completed is expected at more than 234,000 tons per year. Also, the dairy farm in Kaluga is under construction.
In Vietnam, TH Group is operating the largest dairy farm in Asia and the largest dairy plant in Southeast Asia with the total investment of $1.2 billion in Nghe An province. The farm is 8,100 hectares and has a flock of 45,000 dairy cows.
TH Milk is also expanding other farms in Ha Giang, Phu Yen and Soc Trang, aiming at having 137,000 dairy cows at the end of 2020.
Six years after entering the market, TH Milk quoted an AC Nielsen report as holding more than 40 per cent of Vietnam’s milk market share by 2016 and aiming to reach 50 per cent of the fresh milk market in 2020. Compared with other companies in the industry, TH Milk has taken quite steady steps when it applies high technology in production lines and aims at the self-control of raw materials and the cattle, hence assuring the product quality.
The demand for large investment in the past few years has made the financial situation of TH Group less bright, though it is still under the control of the company.
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