Adani Enterprises has moved a step closer to potentially exiting AWL Agri Business (formerly known as Adani Wilmar), its joint venture with Singapore’s Wilmar, for $1.27 billion. Adani Commodities, which holds a 30.42 per cent stake in the consumer goods JV, will sell an up to 20 per cent stake to Lence Pte Ltd, a wholly owned subsidiary of Wilmar International. The remaining 10.42 per cent stake, it said, will be sold to “a set of pre-identified investors”.
Adani Commodities will sell its shares to Lence at Rs 275 rupees apiece in a Rs 7,150 crore deal, according to the exchange filing.
The stake sale will generate a cash inflow of Rs 10,874 crore for ACL, a wholly owned subsidiary of Adani Enterprises Ltd (AEL). This comes on top of the Rs 4,855 crore that ACL raised through a 13.5 per cent Offer for Sale (OFS) in January 2025. Altogether, the Adani Group will earn Rs 15,729 crore from its full exit from AWL.
Following the announcement, shares of AWL Agri went up by 5.97 per cent to a trading price of Rs 278.00. Today’s stake sale is part of Adani Group’s plan to exit the FMCG business.
Earlier, in January 2025, Adani Group had offloaded a 13.5 per cent stake in Adani Wilmar via an Offer for Sale at the same price and had raised Rs 4,850 crore. However, the decision to exit the joint venture with the Singapore-based company was announced in December 2024 itself.
On July 15, AWL Agri Business had released its fiscal first quarter earnings report with profit at Rs 236.43 crore, down 24.51 per cent than Rs 236.43 crore recorded during the corresponding quarter of previous financial year. It had posted revenue from operations at Rs 17,058.65 crore, up 20.52 per cent YoY. This was driven by higher realizations in edible oil.