COFCO Corp, China's largest food company, is setting up a joint venture with sovereign wealth fund China Investment Corp, in preparation of a full listing for its recently acquired grain, oil and sugar assets.

According to an agreement signed by the two parties on Thursday, COFCO will control 80.1 percent of the venture, to be named COFCO International Holdings, while CIC will hold the remaining 19.9 percent.

COFCO, also known as China National Cereals, Oils and Foodstuffs Corp, is the country's biggest grain trader.