TOKYO – Mitsubishi Corp. plans to form a joint venture with Cofco, a Chinese state-run food conglomerate, involving chicken and pig farming and meat processing in China, which is one of the world's biggest consumers of meat, Reuters reported.

Mitsubishi and affiliates Itoham Foods Inc. and Yonekyu Corp. combined will own one-third of a holding company for Cofco's meat business. Approximately $1.54 billion will be spent on farms, processing plants and distribution centers by 2017. Terms of the deal were not made public.