American chocolate maker Hershey Co. has announced that it would the remaining 49 per cent stake in its Indian joint venture company Godrej Hershey.

Hershey currently owns a 51 per cent stake in the joint venture, while Godrej Industries possesses 43.4 per cent stake. The remaining stake is in the hands of another minority shareholder.

Following the purchase of the remaining stake, the American company will enjoy full control over the chocolate business in one of the biggest markets of the world.

The deal will bring the Nutrine and Maha Lacto candy brands, the Sofit and Jumpin beverage brands, and the related factories under Hershey's control.

The Godrej Hershey joint venture was formed by Hershey Co. and Godrej Industries Ltd. in 2007. As of financial year 2012, it had a turnover of Rs 240 crore in India in the beverages and confectionery categories.

Research analyst V. Srinivasan, of Angel Broking Ltd., descrive the development as "positive" for Godrej, saying the Indian manufacturer would not be able to concentrate on its core sectors.

The companies expect the deal to close by the end of this year's third quarter, after which Hershey's wholly owned subsidiary will be dubbed Hershey India.