India's LT Foods is acquiring the remaining 49% stake in its rice-snacks joint venture with Japan's Kameda Seika.
In a stock-exchange filing yesterday (16 September), LT Foods said it had struck a deal with Kameda Seika to buy its entire holding in Kameda LT Foods (India) Private Limited for Rs11.2m ($117,026).
LT Foods' stake in the company will rise from 51% to 100%, with the business becoming a wholly owned subsidiary.
The Indian food group said the transaction is expected to be completed by 31 December, subject to legal requirements and other customary regulatory filings.
Kameda Seika, in a separate disclosure in Japan, said: "After restructuring its North American business and comprehensively considering the future development of its overseas business, the company has determined that executing the share transfer will contribute to the growth of KLT [the JV] and the execution of the group's medium- to long-term growth strategy."
The partners set up the venture in 2017 after announcing plans the previous year to manufacture and market rice snacks in India.
Kameda LT Foods makes rice-based snacks including Kaki Kari, Krispy Hopu and Okaki.