In a move toward diversification Ngai Tahu Holdings Corp. is investing $110 million to develop a new agriculture and farming division built around its land holdings in the South Island. The group will convert its land holdings, which are currently widely leased to forestry businesses, to ‘high value agricultural uses’ as the forestry leases expire. Ngai Tahu currently has $113 million of debt, $969 million in assets and has reported total returns of $181.6 million for the June 2013 year. The group does not pay taxes as it is registered as a charitable trust. A separate company has not yet been established for farming but is being planned.
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