Chinese dairy giant Inner Mongolia Mengniu Dairy (Group) Co., Ltd. and Coca-Cola (China) Investment Limited have officially registered a joint venture, Mengniu said on Friday.

The new company, KeNiuLe Dairy Company Limited, has a registered capital of about 68.86 million U.S. dollars and its business includes the production, sales and marketing of chilled milk products.

Mengniu and Coca-Cola said the new joint venture will make full use of the advantages of both parties, including dairy research and development, processing techniques, brand influence and distribution channels, bringing a new chilled milk brand to Chinese consumers.

Coca-Cola said the cooperation with Mengniu is an example of the company's further steps into the Chinese market.