Swedish edible oil company, AAK, has acquired a majority 51% stake in Indian edible oils and fats company, Kamani as it works to expand its presence in India.
The remaining 49% stake in the company will be continue to be held by the Chawlah family, but AAK has obtained the option to buy full ownership in Kamani within three to seven years.
Torben Friis Lange, President of AAK Asia, noted that due to its growing middle class and climbing per capita income, along with greater urbanization, India poses as a promising growth market.
“This acquisition will reinforce AAK’s specialty oils and fats strategy and offer a strong foothold in India,” said Lange. “Kamani has very well-developed relations with both global and local customers. Together, we will continue to develop customer relations as well as the product portfolio of specialty and semi-specialty products.”
AAK has been particularly acquisitive across a wide range of markets, acquiring Colombia-based Fabrica Nacional de Gracas, Belgium-based CSM Benelux NV, and Turkey-based frying oil brand Frita, last year.
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