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Adani to exit Wilmar JV in deal worth over $2 bn
Hindustan Times West UP
|December 31, 2024
Proceeds from the stake sale will be used to turbocharge the growth of AEL
NEW DELHI: Billionaire Gautam Adani's group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over $2 billion in a first major deal since the US bribery indictment.
In a statement, Adani Enterprises Ltd - which held 43.94% stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd-said it will sell 31.06% stake to Wilmar International. About 13% will be sold in the open market to meet minimum public shareholding requirements.
Adani will sell a 31.06% stake to Wilmar for ₹12,314 crore (share price of no more than ₹305 apiece).
Adding the share sale through OFS, the total proceeds will exceed $2 billion (about ₹17,100 crore).
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