Adani Enterprises on Thursday denied reports of the company selling its 44 per cent stake in its joint venture with Wilmar Group in Adani Wilmar. “We would like to clarify that as of now, there is no such event concerning the media report, which requires any disclosure from the company side in accordance with the Regulation 30 of SEBI Listing Regulations. In the event there is any development that requires disclosure under the Regulation 30 of the SEBI Listing Regulations, we will disclose the same in accordance with the regulatory requirements,” it said in a regulatory filing.
Earlier, reports, citing people familiar with the matter, had stated that Adani Enterprises is exploring selling its stake in consumer-staple joint venture with Wilmar International Ltd, freeing up capital for their core business. It had stated that the conglomerate has been considering a potential sale of its 44 per cent stake in Adani Wilmar for a few months. Adani’s shares are worth about $2.7 billion at the current share price, according to Bloomberg calculations.
The report also said that Gautam Adani and his family may retain a minority stake in a personal capacity following the sale. Wilmar, it had added, could decide to retain its stake in the business.
During the fiscal first quarter, Adani Wilmar had posted a loss of Rs 78.92 crore as against a profit of Rs 193.59 crore during the corresponding quarter of FY23. It had posted revenue from operations at Rs 12,928.08 crore, down 12.2 per cent as against Rs 14,724.09 crore during the first quarter FY23. Adani Wilmar had stated that the Q1 profitability was impacted by decline in edible oil prices that continued in Q1 as well, leading to high-cost inventory, dis-alignment on hedges, TRQ disparity, and finance cost.