Adani to Raise Over $2 Billion in Exit From Adani Wilmar

OUT OF 43.94% STAKE, AEL WILL SELL 31.06% TO WILMAR INTERNATIONAL, AND THE REST TO PUBLIC

- Nehal Chaliawala

MUMBAI: Adani Enterprises Ltd (AEL) is exiting its 26-year joint venture with Singapore's Wilmar group, raising over $2 billion that it will invest in core businesses such as energy and utilities.

The Adani Group flagship on Monday said it will sell its entire 43.94% stake in Adani Wilmar Ltd—31.06% stake to its partner Wilmar International, and the balance to the public. The latter transaction will also raise public shareholding in Adani Wilmar to 25%, the mandatory minimum.