Adani Exits Wilmar Venture Amid Strategic Financial Shift

Gautam Adani's group announced its exit from the Adani Wilmar joint venture by selling its entire stake to partner Wilmar International and in the open market. The stake sale is valued at over USD 2 billion, marking a significant transaction following the group's legal challenges in the US.

Gautam Adani's conglomerate announced its departure from the Adani Wilmar FMCG joint venture, selling its entire stake to Singaporean partner Wilmar International and in the open market for more than USD 2 billion. This marks a critical strategic shift for the group following legal issues in the United States.

Adani Enterprises Ltd will sell its 43.94% stake in Adani Wilmar, which is known for Fortune brand products, by divesting 31.06% to Wilmar International and the remaining 13% in the market to meet regulatory requirements, with transaction completion expected before March 2025.

The proceeds will boost Adani Enterprises' core infrastructure investments, enhancing its position in key sectors. The move is the conglomerate's first major decision since US authorities accused its executives of involvement in a bribery scandal, claims the group denies.

(With inputs from agencies.)