The Adani Group has announced its exit from the FMCG joint venture Adani Wilmar by selling its entire stake to its Singaporean partner Wilmar International and through the open market. The deal, valued at over $2 billion, marks the group’s first significant transaction following a US bribery indictment against its executives.
Adani Enterprises Ltd (AEL), which held a 43.94% stake in Adani Wilmar, will divest 31.06% to Wilmar International and sell the remaining 13% in the open market to meet public shareholding requirements. “AEL will fully exit Adani Wilmar Ltd,” the company stated, adding that the nominee directors from Adani, including Pranav V Adani, nephew of Gautam Adani, and Malay Mahadevia, will resign from the board.
The sale of 40.37 crore shares to Wilmar will be executed at no more than Rs 305 per share, generating Rs 12,314 crore. The open market sale is expected to bring the total proceeds to over Rs 17,100 crore. The transaction is anticipated to conclude by March 31, 2025.
The proceeds will be channelled into core infrastructure investments, with AEL stating the funds would “turbocharge its investments in energy, transport, and logistics.” The group emphasised its focus on strengthening consumer services under airports and Adani Digital, as well as reinforcing its position as India’s largest listed incubator of platforms.
Adani’s disciplined financial strategy was highlighted, with the group noting that about 63% of its overall assets are equity-funded. This figure will increase post-transaction. In October, AEL raised $500 million, complemented by recent fundraising efforts across the group, including $1 billion by Adani Energy Solutions, $500 million by Ambuja Cement, and $444 million by Adani Green Energy.
Adani Wilmar, established in 1999, operates as a joint venture between Adani Group and Singapore-based Wilmar International, each holding 43.94% stakes as of 30 September 2024. The company produces the Fortune brand of cooking oils, wheat flour, rice, pulses, and sugar, and owns 23 manufacturing plants across 10 Indian states.
The company went public in February 2022, raising Rs 3,600 crore through its initial public offering. As of December 27, 2024, Adani Wilmar’s market capitalisation stood at Rs 42,785 crore ($5 billion).
AEL confirmed, “With the completion of these two legs, AEL would completely exit its near 44% holding in Adani Wilmar,” adding that the divestment aligns with market regulator SEBI’s mandate for companies to maintain at least 25% public shareholding.
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