INDIA – Swedish-Danish company and producer of vegetable oils and fats, AAK has acquired an additional 31 percent shares of its Indian joint venture AAK Kamani in a bid to further strengthen its position in the strategic and fast-growing Indian market.
AAK now owns 100 percent of AAK Kamani, a joint venture that it formed back in 2015 in partnership with India-based Kamani Oil Industries Pvt Ltd.
“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 and is regarded as a pioneer of speciality oils and fats in 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.”
Although the ongoing pandemic has brought many challenges to business operations across the world, Dheeraj Talreja, President AAK India, emphasizes that his team has shown resilience and adaptability throughout the year.
‘Incredible India’ remains one of the most exciting food ingredients markets in the world due to its sheer size, gastronomic diversity and development potential,” Talreja said.
AAK, formerly AarhusKarlshamn, is a leading provider of value-adding vegetable oils & fats.
The company was founded in 2005 through the merger of Karlshamns AB (founded 1918 in Karlshamn, Sweden) and Aarhus United A/S (founded 1871 in Aarhus, Denmark).
The company is listed on the Stockholm Stock Exchange since 2005 and had a total market cap of about 37.9 billion SEK (US$4.28 billion) as of September 2018.
The company develop innovative and value-adding solutions across many industries – Chocolate & Confectionery, Bakery, Dairy, Plant-based Foods, Special Nutrition, Foodservice, Personal Care among others.
Based in Malmö, Sweden, AAK has more than 20 different production facilities, sales offices in more than 25 countries and more than 3,900 employees.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE