Gautam Adani-led diversified flagship company Adani Enterprises on Monday announced it will exit Adani Wilmar Ltd by divesting its entire 44% stake in the joint venture (JV) Adani Wilmar Ltd, which will help the company raise over $2 billion.

Wilmar International has agreed to buy a 31% stake owned by the Adani Group's flagship in the joint venture. It has been agreed between the parties that Adani Enterprises will divest 13% of shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements.

Adani Enterprises Ltd shares closed 6.65% up at ₹2,593.45 on the BSE.

"Adani Enterprises Limited (AEL), Adani Commodities LLP (ACL), a wholly-owned subsidiary of AEL and Lence Pte. Ltd. (Lence), a wholly-owned subsidiary of Wilmar International Limited (Wilmar), have entered into an agreement on 30 December 2024 pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar Ltd (“Adani Wilmar”) held by ACL as at the date of exercise of the call option or put option, as the case maybe, in respect of a maximum of 31.06% of the existing paid up equity share capital of AWL," an AEL statement says.

After this transaction, AEL will exit its 44% holding in Adani Wilmar. Adani Wilmar had an m-cap of ₹42,785 crore ($5 billion) as of Friday, December 27, 2024. The company says AEL’s board has adopted a resolution noting the resignation of ACL’s nominee directors from the board of Adani Wilmar. The parties have agreed to take further steps for the change of name of ‘Adani Wilmar Ltd’.

The company says the funds will be used to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry. "AEL will continue to invest in infrastructure sectors, which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story."

Adani Wilmar has 100% urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally. The company says the transaction is subject to customary condition precedents, including receipt of applicable regulatory approvals.

Net profit of Adani Enterprises jumped over sevenfold to ₹1,741 crore for the quarter ended September, up 663% compared with ₹228 crore in the year-ago period. The company's revenue from operations rose 16% year-on-year to ₹22,608 crore in the second quarter. Operating profit or earnings before interest, tax, depreciation and amortisation (EBITDA) increased 46% to ₹4,354 crore in Q2 FY25 from ₹2,979 crore in the corresponding quarter last year.