Adani Group's Strategic Exit: Sells Stake in Adani Wilmar for Billions

Adani Group announced its exit from the FMCG joint venture with Wilmar by selling its stake in Adani Wilmar for over USD 2 billion. The sale is part of its strategy to bolster its core infrastructure businesses. The transaction is slated for completion by March 2025.

Shares of Adani Wilmar plunged nearly 8% on Tuesday, following an announcement by Gautam Adani's group that it would exit from the FMCG joint venture. The group is selling its entire stake to its Singaporean partner for over USD 2 billion.

Official figures showed a drop of 7.95% on the BSE with shares priced at Rs 303.30, while on the NSE, shares decreased by 7.80% to Rs 303.10. According to a statement from Adani Enterprises Ltd, which held a 43.94% stake in the Fortune brand producer, 31.06% of the stake will be sold to Wilmar International and the remaining 13% will be sold in the open market.

The sale to Wilmar will involve up to 40.37 crore shares at no more than Rs 305 each, generating Rs 12,314 crore in revenue. Including the open-market sale, total proceeds will surpass USD 2 billion. The transaction is expected to finalize by March 31, 2025, with proceeds used to grow Adani Enterprises' core infrastructure operations.

(With inputs from agencies.)