Russian food company Nutritek Group has finally bought 100% stake in New Zealand Dairies Ltd to control its South Canterbury milk powder factory.

It should be noted that New Zealand Dairies Ltd opened the plant at Studholme, in South Canterbury, in October 2007, using about $100 million of commercial and convertible loans from Nutritek.

Nutritek is part of Nutrinvest holding which floated its shares in April 2007, sold its Russian dairy business for $US350 million with the aim of investing in South-East Asia.

The Studholme factory produces milk powder, which used in infant formula.