India: Adani Enterprises Limited to exit Adani Wilmar joint venture

Adani Enterprises Limited (AEL). a holding company of the Adani conglomerate, has announced that it has entered into an agreement to sell its 44% stake in Adani Wilmar, an Indian FMCG joint venture, to Wilmar subsidiary Lence through Adani Commodities LLP, a wholly-owned subsidiary of AEL.

Adani Wilmar, co-founded by AEL and Wilmar International in 1999, is India’s largest edible oils and food company. It operates 24 factories, achieves 100% urban coverage and serves 30,600 rural towns, as well as exporting to 30 countries. Its flagship Fortune brand has a significant presence in oils, rice, flour, and other staple food categories.

As part of the deal, AEL will divest a 13% stake in Adani Wilmar to achieve compliance with minimum public shareholding requirements. Wilmar will acquire a 31% stake, raising its holding to 75%. Following the transactions, Adani Wilmar will also undergo a rebranding process.

The transaction is subject to regulatory review and approval.

Source: Adani Enterprises Limited / Wilmar