Russian retailer Magnit to accelerate investment in food production

MOSCOW, Feb 16 (Reuters) - Russia's biggest food retailer Magnit plans to invest about 52 billion roubles ($675.4 million) in its own production operations over the next five to six years, its chief executive said in a televised interview on Tuesday.

Magnit, based in the southern city of Krasnodar, has been investing in greenhouses for several years to supply vegetables to its stores, but Galitskiy told the Rossiya-24 channel that the company intends to step up the process.

"This year only 5 billion roubles has been allotted ... but from next year investments will double," he said.

Galitskiy said on a conference call in January that Magnit's capital expenditures would total about 67 billion roubles in 2016. ($1 = 76.9875 roubles) (Reporting by Olga Sichkar and Maria Kiselyova; Editing by David Goodman)