The sale of $303 million worth of Twynam's water to the Federal Government was because of the Kahlbetzer family's desire to diversify its Australian business operations.
A statement from Twynam, which revealed this, also said:
"In 2006 Twynam sold most of its post farm gate businesses and over the past four years has sold some of its properties to enable a more balanced geographic spread.
"Twynam’s outlook for the future of its Australian agricultural business will be to operate in strategic geographic locations which enable economies of scale and integrated management that addresses changing commodity markets and sustainable productivity."
Twynam will hold licences for sustainable groundwater resources and will maintain further flexibility by retaining River Water Access Licences to enable access to its entitlements and temporary river allocations.
Email a friend