The China’s unit of Nestle SA, the global food and nutrition giant, has finished the acquisition of a 60 percent of stake in China’s Yinlu Foods Group

The China’s unit of Nestle SA, the global food and nutrition giant, has finished the acquisition of a 60 percent of stake in China’s Yinlu Foods Group, the company said in a statement.

Chairman of Yinlu Chen Qingyuan will remain in charge of the joint company in Xiamen, a city in South China’s Fujian Province, Nestle’s China unit said.

The acquisition won anti-trust approval from China’s Ministry of Commerce this September. However, the deal is still subject to approvals from local governments, including those in Fujian, Shandong and Hubei.

The two companies also announced to invest 2.4 million yuan (394 million U.S. dollars) in Yinlu to expand current and build new production facilities nationwide.

Nestle SA plans to double the scale of its investment in the Chinese coffee market during the next three years, the China Daily reported, quoting a top company executive.

Yinlu, known for its peanut milk and instant porridge products, reported a revenue of 5.4 billion yuan in 2010, up 52.5 percent from a year ago.

Nestle SA is also planning to buy a 60 percent of stake in the Chinese candy maker Hsu Fu Chi International Ltd.