The Adani Group will fully exit AWL Agri Business for Rs 10,874 crore, it said on Thursday, ceding control to its Singapore-based joint venture partner Wilmar International.The latter’s stake in AWL Agri, formerly Adani Wilmar, will rise to 64% bringing to an end one of the longest-running joint ventures in India.
Adani and Wilmar
The JV, which began in 1999, saw both Adani and Wilmar hold nearly 44% each in the company. Adani Commodities, which holds a 30.42% stake in the company, will sell 20% stake to Wilmar unit Lence for Rs 7,150 crore at Rs 275 a share. The balance 10.42% will be sold to “a set of pre-identified investors”, Adani Enterprises, the flagship company of the Adani Group, said, without specifying who these investors were.
The latest communication is part of an exit process that was first set in motion in December last year, when the Adani Group had indicated that it would get out of the fast-moving consumer goods (FMCG) business to focus on its core infrastructure and energy verticals. In January this year, it executed an offer for sale, offloading 13.5% of its nearly 44% stake in the company at Rs 4,855 crore at Rs 276.51 a share.
Adani Agri stocks
Together, Adani will realise a total of Rs 15,729 crore from the stake sale in the company. AWL Agri stock rallied over 8% to the day’s high of Rs 283.85 on the BSE, following the announcement. It closed at Rs 279.65, up 6.6%.The Adani Group plans to use the proceeds from the sale to turbocharge its investments in infrastructure, energy and utility, transport and logistics, as well as other adjacencies such as real estate and construction. While AWL Agri’s ownership has undergone a change, the management, led by MD & CEO Angshu Mallick, remains intact.
On Tuesday, Mallick, an FMCG veteran, said that the company, which has brands such as Kohinoor and Fortune, and remains strong in the west and north of India, was looking to beef up its presence in the southern and central parts of the country via acquisitions of food companies in condiments and kitchen essentials. Its last acquisition (in March 2025) was of Delhi-based GD Foods, which makes the Tops brand of pickles and sauces. The company closed FY25 with a consolidated revenue of Rs 63,672 crore.
From a portfolio perspective, Mallick said that the company was looking to enter new categories such as organic foods and cold-pressed edible oils via acquisitions. Its foods business crossed Rs 6,000 crore in FY25 and contributes 10% to its top line. Edible oil, led by the Fortune brand, contributes around 78% to its top line while industry essentials, led by oleochemicals, contributes 12% to its turnover.
The company has also lined up capital expenditure of over Rs 1,000 crore in FY26 to beef up capacity in oleochemicals, foods and edible oils. The company is also eyeing mid-to-high teen revenue growth in FY26, led by a consumption uptick starting August, Mallick said.