AAK, a provider of value-adding vegetable oils & fats announced that it has acquired the remaining 31 percent of the shares of AAK Kamani, the joint venture between AAK and Kamani Oil Industries Pvt Ltd. that was formed in September 2015. AAK now owns 100 percent of AAK Kamani.
The acquisition will further strengthen its position in the strategic and fast-growing Indian market, AAK said in its press release.
“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.”
Kamani Oil Industries Pvt Ltd. was founded by the Chawla family more than 55 years ago. The company was a pioneer in introducing speciality oils and fats to the Indian market.
“The trust, openness, warmth and sharp focus displayed by the AAK team led to a wonderful partnership”, said Prakash Chawla. “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.”
“We are very grateful for the support and loyalty we have received from all stakeholders”, Dheeraj Talreja, President AAK India, said. “Despite the current challenges, `Incredible India’ remains one of the most exciting food ingredients markets in the world due to its sheer size, gastronomic diversity and development potential.”
The payment for the remaining shares will be completed in the coming weeks, the Company said.
Headquartered in Malmö, Sweden, AAK has more than 20 different production facilities, sales offices in more than 25 countries and more than 3,900 employees.
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