Hyundai Heavy buys Russian farm

SEOUL, Sept. 20 (Yonhap) -- Hyundai Heavy Industries Co., the world's largest shipbuilder, said Tuesday that it bought a farm in Russia as part of its efforts to diversify its revenue sources.
Hyundai Heavy will invest US$13 million in the farm in the region, some 150 kilometers north of Vladivostok, and aims to log sales of $3.75 million in 2014 by reaping a total of 7,000 tons of soybeans and wheat, it said.
The shipbuilder, however, did not give specifics on how much it will spend on the farm purchase.
In April 2009, Hyundai Heavy also bought another Russian farm near Vladivostok for US$6.5 million.
Last year, Hyundai Heavy harvested a total of 7,800 tons of corn and soybeans at the farm.
Hyundai Heavy has ventured into sectors such as solar and wind power to reduce its reliance on shipbuilding, which accounted for almost half its sales.
Hyundai Heavy's move is in line with the government's drive to secure stable food supplies.
Resource-poor South Korea, one of Asia's largest importers of corn, has been seeking to secure stable supplies of natural resources, including food.