Madrid, Jun 10 (EFE).- Ocado on Monday said that it invested 17 million pounds ($21.6 million) to form a joint venture and acquire a majority stake in a vertical-farming company, according to a report from the Dow Jones Newswires made available to Efe. The British online grocer said it has formed a JV called Infinite Acres with Netherlands-based Priva Holding and 80 Acres Farms based in Cincinnati, Ohio. Each member will hold an equal stake in the vertical-farming venture. Vertical farming involves the production of food in indoor, multi-leveled facilities with the aim of reducing waste, as well as water and land usage. Production would also be free of pesticide use and reduce the need for long-distance transportation, the Dow Jones report said. "Our hope ultimately is to co-locate vertical farms within or next to our customer fulfillment centers and Ocado Zoom's microfulfilment centers so that we can offer the very freshest and most sustainable produce that could be delivered to a customer's kitchen within an hour of it being picked," Ocado Chief Executive Tim Steiner said. Ocado said it will make a cash payment to both its partners for their investment to date, as well as contribute capital to the JV and provide it with a line of credit. The JV-related transaction is expected to be completed by June 30, the company said. The company also said that it has completed the acquisition of a 58 percent shareholding in Jones Food, a UK vertical-farming company, the Dow Jones report added. "We believe that our investments today in vertical farming will allow us to address fundamental consumer concerns on freshness and sustainability and build on new technologies that will revolutionize the way customers access fresh produce," Steiner added. Shares at 13.49 GMT were up 39.50 pence, or 3.6 percent, at 1152.50 pence, leading the risers in the FTSE 100. dj/am/ch -- EPA-EFE Multimedia Desk, Madrid +34 913 467 493