Adani Enterprises has fully exited Adani Wilmar — its consumer goods joint venture with Wilmar International known for its Fortune brand of edible oils and packaged grocery products such as Kohinoor basmati rice — where it holds a 44% stake.
As part of the divestment, Lence Pte, a wholly-owned subsidiary of Wilmar International, will acquire 31.06% of the paid-up equity shares of Adani Wilmar from Adani Commodities, a wholly-owned subsidiary of Adani Enterprises, for US$ 2 billion, media reports said. Adani Enterprises will also sell or dispose of ~13% of shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements.
“Adani Enterprises, Adani Commodities LLP (ACL), a wholly-owned subsidiary of AEL and Lence Pte Ltd (Lence), a wholly-owned subsidiary of Wilmar International have entered into an agreement on 30 December 2024 pursuant to which Lence will acquire all the paid-up equity shares of 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 Adani Wilmar,” the flagship Adani company said in a press release.
Following the development, Gautam Adani’s nephew Pranav Adani and his childhood friend Malay Mahadeva stepped down from the Adani Wilmar’s board.
Adani and Wilmar’s JV was established in 1999. Following an initial public offering (IPO) launched in February 2022 to raise Rs 3,600 crore, their shareholdings were reduced to 43.97% each.
Adani Enterprises looks to use these funds to spur investments in the core business such as energy and utility, transport and logistics.
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Naresh Khanna – 10 February 2025
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