China's largest food company, COFCO, has revealed plans to buy 100 percent of the agricultural arm of top Asian trader, Noble Group.

The move, which was announced on Wednesday, has been construed by analysts as the latest move by China to expand its global reach, especially in worldwide food industry, AFP reported.

COFCO, which claims to be supplying grain and oil to a quarter of the world's population, bought 51 percent of Noble's agricultural subsidiary, which has its base in Hong Kong, in April 2014.

According to COFCO’s plan, it will spend $750 million to buy the remaining 49 percent of Noble Agri, which is mostly involved in trading grain, sugar, cotton and coffee in around 30 countries from South America to the Middle East.

Experts see the deal as a move by Noble to avoid having its credit rating downgraded to junk. The company has already released a statement saying that it would use the proceeds earned through acquisition by COFCO to repay its debt.

"It helps Noble to raise the cash it needed to avert being downgraded to junk status, and also to get rid of liabilities," Bernard Aw, a strategist at IG Asia Pte, told Bloomberg News, adding, "It's critical for Noble to convince investors that it can transform the ailing company."

The acquisition is the latest move to be taken by a Chinese state-owned company to expand abroad; a step, which is usually taken through purchasing existing foreign businesses.

"The acquisition will greatly accelerate COFCO's internationalization and global positioning," its chairman Ning Gaoning said in a statement.

"COFCO is ... still bullish on the long-term performance upon the integration of Noble Agri into COFCO Corporation despite the depressed global agricultural commodity market for the time being," the statement added.

Following the acquisition and completion of the deal, Noble Agri will be renamed COFCO Agri.

According to information available on the website of COFCO, the company currently has over 330 branches across the globe and the total value of its assets has been estimated at $71.9 billion.

According to sources in Noble, the deal is subject to shareholder approval.