China's New Hope Agribusiness Co has bought a controlling stake in Inner Mongolia Feichangniu Dairy Co in a move that will extend its presence throughout China, the company told just-food. 

New Hope Group spokesperson Li Jiahong declined to comment on the payout, but Chinese reports indicated that the takeover is worth CNY$100m (US$14.7m). 

Acquiring a 51% stake in the Mongolian dairy producer is important for New Hope as it paves the way for the Sichuan-based company to stamp its presence in the market and to match up with competitors including China Mengniu Dairy and Yili Industrial Group.

To date, New Hope has completed 12 acquisitions in the dairy industry.