NZ Dairies chairman Peter Lavery would not confirm the figure or plan suggested by the Otago Daily Times.
"But that could be the case. There is nothing specific, but it could well be of that order."
Timing of any future development had not been decided, he said.
Russian company Nutritek Group last month took its stake in NZ Dairies to more than 51%, and said it had firm agreements in place to acquire a further 25% of the company.
Nutritek chairman George Sazhinov said at the time the company would move ahead with plans to add further production facilities to the Studholme plant and to develop high-technology and high value-added products in New Zealand.
On May 27, the Government gave Nutritek approval to increase its stake in NZ Dairies from 5.65% to 100% over a 12-month period.
Nutritek is a rapidly growing Russian company with a capitalisation of about $US800 million ($NZ1.1 billion).
It produces baby foods, infant formulas and specialist nutritional products.
Nutritek chairman George Sazhinov and chief executive Oleg Ochinsky were in Waimate this week, meeting local organisations and business and community representatives.
During the visit, NZ Dairies announced financial support for both the Waimate Mobile Kindergarten and Waimate High School's representative sports teams.
Both organisations receive $6000 a year for the next three years through the sponsorship.
At the high school, NZ Dairies would fund the provision of track-suit uniforms for representative sports teams and help with the running costs of a vehicle used for representative sports events.
The mobile kindergarten operated at eight remote sites throughout the Waimate region and took pre-school education to about 120 children, Mr Lavery said.
Dr Sazhinov said that his company believed relationships with the community and its people were more important than business and money.
"From what I have seen today, it is clear that children are the same the world over."
The children were entertained by the Gostya Group, a Russian folklore group whose visit to New Zealand was sponsored by Nutritek.
