New Delhi, Dec 30: Gautam Adani’s group announced its exit from the FMCG joint venture Adani Wilmar on Monday, selling its entire stake in the company for an estimated value exceeding USD 2 billion. This marks the first significant transaction since the US bribery indictment of Adani's founder, Gautam Adani, in November.
Adani Enterprises Ltd (AEL), which held a 43.94% stake in Adani Wilmar Ltd, the maker of Fortune brand cooking oil, wheat flour, and other food products, revealed that it would sell 31.06% of its stake to Singapore-based partner Wilmar International. Additionally, around 13% of the stake will be sold in the open market to meet public shareholding requirements.
The sale to Wilmar will amount to Rs 12,314 crore (roughly USD 1.5 billion) at a share price of no more than Rs 305 per share. When including the open market share sale, the total proceeds will exceed USD 2 billion (approximately Rs 17,100 crore). This transaction will allow Adani Enterprises to fully exit Adani Wilmar, and its nominated directors will step down from the company’s board. The deal is expected to close before March 31, 2025.
The funds raised will be directed toward accelerating the growth of AEL’s core infrastructure businesses, particularly in energy, utilities, transport, and logistics. This marks a comeback for Adani, dispelling concerns about liquidity and signaling a shift toward strengthening its infrastructure-focused portfolio.
The transaction involves Adani Enterprises, Adani Commodities (a wholly owned subsidiary), and Lence Pte Ltd (a subsidiary of Wilmar International). Under the agreement, Lence will acquire up to 31.06% of Adani Wilmar’s shares, and AEL will divest 13% to comply with market shareholding regulations.
Adani Wilmar is a joint venture between the Adani Group and Wilmar International, with both holding a combined 87.87% stake in the company, which exceeds the permissible 75% limit. To comply with regulatory requirements set by the Securities and Exchange Board of India (SEBI), a portion of the shares will be sold in the open market to ensure that at least 25% of the company's shares are publicly available.
In a statement, AEL emphasized that the proceeds from the sale will be reinvested into the company’s core infrastructure businesses, enabling further growth in energy, utilities, transport, and logistics, along with investments in airports and Adani Digital. The sale strengthens AEL’s focus on expanding its infrastructure platform, reinforcing its position as India's largest publicly listed incubator of industrial platforms.
This transaction also reflects Adani's disciplined approach to finance, as the group has committed approximately 63% of its equity as a percentage of overall assets, with further increases expected. Recently, AEL raised USD 500 million in October, and other group companies also secured funds, including USD 1 billion by Adani Energy Solutions, USD 500 million by Ambuja Cement, and USD 444 million by Adani Green Energy Ltd.
