June 28, 2011

Russia's Rusagro to invest in further meat production

Russian sugar and pork producer Rusagro plans to invest US$400 million this year in meat production, to increase its pork output substantially.

"We're planning to increase our pork production by three to five times in the next three years to 180,000-190,000 tonnes," chief executive Maksim Basov told journalists on Monday (Jun 27) at the sidelines of an investment forum.

In 2010, Rusagro produced 62,000 tonnes of pork.

In April, Rusagro priced a London initial public offering towards the lower end of its price range to raise US$330 million for business expansion, but the shares jumped 6% on debut.