Wilmar, others tap Adani for JV stake

Deal likely at $2-2.2 bn; no single buyer may acquire entire stake

- Anirudh Laskar

The Adani group is in separate talks with Wilmar International Ltd, GQG Partners Llc and the Qatar Investment Authority (QIA) to sell its entire stake in Adani Wilmar Ltd for $2-2.2 billion, two people aware of the development said.

No single entity is expected to acquire the stake on offer, and the Adani group may farm out shares in the edible oils maker to multiple buyers, the people cited above said on condition of anonymity.

“Apart from Wilmar, there are at least four global funds who are keen to buy Adani’s stake in Adani Wilmar, and the plan is to finalize the deal before the end of FY24," the first person added. Mint could not ascertain the names of the other two funds.

Wilmar and Adani hold 43.97% each in the joint venture (JV). While the Adani group holds the promoter stake through Adani Commodities Llp, the Singaporean edibles giant holds it through Lence Pte Ltd.

“The (Adani) group is keen to shift focus from non-core ventures such as commodities and retail consumer goods to core infrastructure, energy, ports, logistics and cement businesses," said the first person, adding that Adani Wilmar may be delisted after the transaction.