Adani to raise over $2 bn in exit from Adani Wilmar

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.

- Nehal Chaliawala

MUMBAI:

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.

"AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics and other adjacencies in primary industry. AEL will continue to invest in infrastructure sectors which will further strengthen AEL's position as India's largest listed incubator of platforms playing the key macro themes underpinning India's growth story," Adani Enterprises said in a statement.