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Adani Enterprises to sell entire 44% stake worth $2.2 B in JV with Wilmar
Source AWL (opens in a new tab)Business Standard (opens in a new tab)
Publicly listed Adani Enterprises Ltd (AEL) is to sell its entire stake of around 43.94% in FMCG (fast-moving consumer goods) joint venture Adani Wilmar (AWL) for USD 2.2 Billion (about INR 18,817 crore). The stake sale is to be executed in two tranches.Lence (a wholly-owned subsidiary of Wilmar International) is to acquire the 31.06% stake in AWL held by AEL unit, Adani Commodities Ltd (ACL). The remaining 13% stake will be acquired from AEL.AWL , a joint venture between Adani Enterprises and Singapore-headquartered Wilmar Group, manufactures edible oil, food and FMCG products. Established in 1999, it owns 24 factories in 15 cities.For 2023-24, AWL posted a turnover of INR 51,262 crore and held the largest market share in the edible oil sector. Its flagship brand, Fortune, had annual brand sales exceeding INR 20,000 crore.