Adani Group to exit Wilmar joint venture, inks ₹7,150 cr deal to sell 20% stake

The Adani Group has formally announced its intention to completely exit from AWL Agri Business Limited (formerly Adani Wilmar Ltd) through a structured stake sale to Lence Pte. Ltd, a wholly owned subsidiary of Singapore-based Wilmar International Ltd.

In an exchange filing on Thursday, Adani Enterprises Ltd (AEL) stated that it has signed an agreement to divest up to a 20% stake in AWL Agri Business at ₹275 per share, valuing the deal at around ₹7,150 crore.

The seller in the transaction is Adani Commodities LLP (ACL), a subsidiary of AEL, which currently holds 30.42% in AWL. Under the agreement, ACL will sell up to 20% of its holding to Wilmar’s Lence, while the remaining 10.42% will be offloaded to a set of pre-identified investors arranged by Wilmar, ensuring Adani’s complete exit from the FMCG joint venture.

“The consummation of the transaction is subject to customary conditions precedent, including Lence obtaining all applicable anti-trust approvals in relation to the acquisition of the sale shares,” AEL said in the BSE filing.

Upon completion of the transaction, AWL will no longer be an associate company of Adani Enterprises, while Wilmar International’s holding in the company will increase to around 64%, making it the majority shareholder.

The transactions are expected to generate a cash realisation of ₹10,874 crore for Adani Commodities LLP (ACL). This comes in addition to the ₹4,855 crore already raised through the offer-for-sale in January 2025, bringing the total proceeds from the stake sale to ₹15,729 crore.

In January 2025, ACL had sold a 13.51% stake at ₹276.51 per share, generating ₹4,855 crore. That sale was part of Adani’s effort to comply with SEBI’s minimum public shareholding norms.

In December 2024, Adani Enterprises had first announced its intention to fully exit Adani Wilmar, aiming to divest its entire 44% stake in the FMCG joint venture. As part of that plan, Wilmar International agreed to acquire a 31% stake from the Adani Group’s flagship entity. To comply with SEBI’s minimum public shareholding norms, Adani Enterprises also committed to divesting an additional 13% stake through an offer-for-sale.

The capital proceeds from these transactions will be utilised to turbocharge the growth of AEL in its core infrastructure businesses—energy & utility, transport & logistics—along with primary industry-adjacent businesses, AEL said in its release.

Reacting to the news, shares of Adani Enterprises ended 0.45% higher at ₹2,618.85 on the BSE, while AWL Agri Business share price jumped 6.06% to ₹278.25 apiece.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)