Chinese conglomerate Evergrande has introduced a new brand of imported infant formula milk powder to cater to the increasing demand for infant formula products in the country.
The move comes after the company acquired majority stake in New Zealand dairy firm Cowala Dairy.
As reported in Xinhuanet, Evergrande's new infant formula milk powder will be traded under the brand name, 'Cowala.'
Evergrande vice president Xu Wen said: "We are introducing this infant formula milk powder for Chinese parents who have long been concerned about the quality and safety of the product for years."
The company also plans to construct a production facility in the country to manufacture dairy products.
Evergrande's product launch is said to form a part of the company's strategy to diversify businesses as it is witnessing slow-down in domestic property market.
Xinhua News Agency reported that the company generated CNY100.4bn ($16bn) in sales during 2013.
