China Mengniu Dairy is extending its presence in China's relatively undeveloped dairy market with a HK$3.18 billion investment. Photo: Reuters

Mengniu Dairy to pay HK$3b for 27pc Modern Dairy stake

China Mengniu Dairy, the country's largest manufacturer of liquid dairy products, plans to pay HK$3.18 billion to dramatically boost its stake in China Modern Dairy, in an attempt to get a tighter hold of its raw milk supply.