Adani Group’s flagship company Adani Enterprises Limited (AEL) has announced its exit from FMCG company Adani Wilmar Joint Venture. Adani Enterprises is selling its entire 44% stake in Adani Wilmar Joint Venture. Adani Enterprises will sell about 13% of its shares in Adani Wilmar to comply with minimum public shareholding requirements, Adani Enterprises said in a stock exchange filing on December 30.
Apart from this, an agreement has been signed between Adani Enterprises, Adani Commodities LLP (ACL) and Lens Private Limited. Under this agreement, Lens Private Limited will buy the equity shares of Adani Wilmar held by Adani Commodities LLP. This purchase will be for the remaining 31.06% stake.
44% stake of Wilmar to be sold
ACL is a wholly-owned subsidiary of Adani Enterprises. Lens is a wholly-owned subsidiary of Wilmar International Limited. In this way, a total of 44% stake will be sold by Adani Group in Adani Wilmar in two phases. After this, Adani Enterprises will completely exit Adani Wilmar. At the same time, Wilmar International will get 31% stake of Adani Enterprises in Adani Wilmar.
About $2 billion or Rs 17,101 crore will be raised through the sale of Adani Enterprises’ stake in Adani Wilmar. Adani Group will use this fund in its ‘core infrastructure platforms’.
Wilmar shares fell 1.81% today
Adani Wilmar’s stock closed at Rs 323.25 today with a fall of 1.81%. The company’s stock has risen 5% in the last 1 month. At the same time, its stock has fallen 2.81% in six months and 12% in one year. The company’s market cap is Rs 42.71 thousand crores.
At the same time, Adani Enterprises’ shares saw a rise. Its share closed at Rs 2,585 with a rise of 7.26%. The company’s share has risen by 5.21% in one month. At the same time, its share has fallen by 18.81% in six months and 11.39% in one year. The company’s market cap is Rs 2.99 lakh crore.
Company Business
Adani Wilmar was established by Adani Enterprises Limited and Wilmar International together. This company is growing rapidly in the country’s FMCG market today. Adani Wilmar has 100% urban coverage and has a presence in more than 30,600 rural towns in India. The company also exports to more than 30 countries. As of 27 December 2024, the company’s market cap was Rs 42,785 crore (US$ 5 billion).
