AAK has acquired the remaining shares in AAK Kamani, its oils and fats joint venture with Kamani Oil Industries, taking its ownership to 100%.
By purchasing the remaining 31% stake in the business, AAK says that it aims to further strengthen its position in the ‘strategic’ and fast-growing Indian market.
AAK Kamani was formed in September 2015 when AAK acquired 51% of the shares of Kamani Oil Industries, a speciality oils and fats company founded by the Chawla family.
“Working together with the founding family for the past five years, AAK is now ready to lead the next growth journey for AAK Kamani,” said Sten Estrup, president AAK Asia.
“Since engaging in the joint venture, we have together with Prakash Chawla and his family continuously expanded and developed AAK Kamani based on its strong heritage and brand recognition.”
Prakash Chawla added: “The trust, openness, warmth and sharp focus displayed by the AAK team led to a wonderful partnership.
“Together, we have been able to create great value for all stakeholders and I am convinced that the company has an immensely bright future ahead in India.”
Payment for the shares will be completed in the coming weeks; the financial terms of the transaction have not been disclosed.
Earlier this year, AAK Kamani partnered with the Good Food Institute (GFI) India to accelerate the development of plant-based meat and dairy alternatives.
© FoodBev Media Ltd 2021
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