Fonterra has sold a second off-shore business in less than a week, but shareholders were viewing it as standard business practice and not a fire sale.
Last Tuesday, the dairy co-operative announced it was exiting a joint venture in India and on Thursday that it had sold an Australian ice cream business.
It was also reviewing its Australian "non-core regional liquid" milk businesses.
Federated Farmers dairy section chairman Lachlan McKenzie said he supported the move as it showed Fonterra was constantly reviewing its performance.
He also supported Fonterra's strategy of investing in dairy businesses offshore and aligning itself with like-minded international businesses, with profits coming back to its New Zealand shareholders.
But Mr McKenzie, a Fonterra shareholder, said the dairy company needed to articulate its strategy more clearly to its 10,700 shareholders.
"It's never been clearly articulated in a fashion that people can understand and comprehend clearly."
Fonterra said Britannia New Zealand Foods Pvt Ltd in India no longer fitted its "strategic priorities", and it would pass its stake to joint venture partner Britannia.
Milk consumption was growing in India but Fonterra's managing director for Asia and Middle East Mark Wilson said local milk supply was fragmented and required development and investment.
A fragmented milk supply-chain in China was the cause of melamine poisoning with Sanlu, in which Fonterra was a cornerstone shareholder.
Fonterra would continue supplying dairy ingredients to customers in the sub-continent.
Fonterra's Australian ice cream business, subject to regulatory approval, would be sold to Nestle Australia and Regal Cream Products, which owned Bulla Dairy Foods.
Fonterra would continue to have a presence in Western Australia through its Brownes dairy products, and market its Tip Top brand throughout the country.
Fonterra Australia-NZ managing director John Doumani said the focus was to be the Australian leader in cheese, spreads, yoghurts and dairy desserts.
