DELHI: Adani Enterprises (AEL) said on Monday that it will fully exit from its FMCG joint venture – Adani Wilmar – and divest its 44 percent stake in the company in two phases. The company in a statement said Adani Commodities LLP, a wholly-owned subsidiary of Adani Enterprises, will sell 31.06% stake in Adani Wilmar to Lence Pte Ltd, a wholly-owned subsidiary of Wilmar International Limited.
In addition, it has been agreed between the parties that AEL will divest 13 percent shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements.
Adani Wilmar had a market capitalisation of Rs 42,700 crores ($ 5.0 billion) as on 27 December 2024. Adani’s 44 percent stake in the company is valued at around Rs 18,500 crore.
“In consideration of the above, AEL’s board of directors has adopted a resolution noting the resignation of ACL’s nominee directors from the board of Adani Wilmar,” said the company in the statement adding that the parties have agreed to take further steps for change of name of ‘Adani Wilmar Ltd.
According to the media statement, AEL will use the proceeds from the sale 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,” the company said.
AEL and Wilmar are the founder shareholders of Adani Wilmar and have jointly built the largest Food FMCG player in India which has won the trust of millions of Indian families.