Karlshamn, Sweden — AAK has acquired an additional five percent of the shares in AAK Kamani, a joint venture between AAK and Indian supplier Kamani Oil Industries Pvt. Ltd.
The Swedish supplier now owns 69 percent of the collaborative endeavor, with the remaining 31 percent of the shares are controlled by AAK Kamani’s CEO Prakash Chawla and his family, AAK reports.
The joint venture started with AAK purchasing 51 percent of Kamani shares in 2015. At that time, AAK reported the deal strengthen its position in a fast-growing economy and would lift results for its food ingredients, and chocolate and confectionery fats business.