Overseas Investment Office consent has been granted for a pig farming and genetics company to buy land in East Otago to convert to a free-range pig farm.
The application to purchase a freehold interest in about 208ha in Pilbrow Rd, near Palmerston, for $3.4 million was made by Bardfield Farms Ltd.
The decision said the consent holder was an established swine farming and genetics company operating in New Zealand and Australia, which had previously made ''beneficial investments'' in New Zealand.
The farming operation would require the creation of new jobs and significant capital expenditure to facilitate the conversion from a sheep and beef farm.
Projections showed the pig farm would ''substantially increase'' revenue streams, compared with the revenue generated by the existing sheep and beef operation.