Swedish vegetable oils and fats producer AAK has acquired the remaining 31% stake in its Indian oils and fats joint venture AAK Kamani.

The company acquired the stake from its JV partner Kamani Oil Industries to take the full ownership of the company.

The JV company was established in September 2015, after AAK acquired a 51% stake in Kamani Oil Industries.

Established by the Chawla family, Kamani Oil Industries is said to have been in the business for more than five decades.

Kamani Oil Industries owner Prakash Chawla said: “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.”

With this acquisition, AAK aims to further strengthen its presence in the Indian market.

AAK Asia president Sten Estrup said: “Working together with the founding family for the past five years, AAK is now ready to lead the next growth journey for AAK Kamani.

“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.”

Financial details of the deal have not been disclosed.

AAK further added that the payment for the remaining shares will be completed in the coming weeks.

In May, AAK Kamani partnered with Good Food Institute India to research and promote plant-based meat and dairy alternatives.

By collaborating with Good Food Institute India, AAK intends to provide a co-development expertise on how companies can fast-track the formulation of new products by focusing on an optimal sensory experience that appeals to local tastes.