Adani to exit Wilmar JV

Long Association to End

- VIVEAT SUSAN PINTO

THE ADANI GROUP will fully exit AWL Agri Business for ₹10,874 crore, it said on Thursday, ceding control to its Singapore-based joint venture partner Wilmar International.

The latter's stake in AWL Agri, formerly Adani Wilmar, will rise to 64%, bringing to an end one of the longest-running joint ventures in India. The JV, which began in 1999, saw both Adani and Wilmar hold nearly 44% each in the company.

Adani Commodities, which holds a 30.42% stake in the company, will sell 20% stake to Wilmar unit Lence for ₹7,150 crore at ₹275 a share. The balance 10.42% will be sold to "a set of pre-identified investors", Adani Enterprises, the flagship company of the Adani Group, said, without specifying who these investors were.