Adani Wilmar's Bold Exit: Adani Sells Entire Stake to Wilmar in Surprising Move

Adani Group exits its joint venture, Adani Wilmar, by selling its entire stake to Wilmar International and in the open market for over USD 2 billion. This move led to a significant drop in share prices. The proceeds are set to boost Adani Enterprises' core infrastructure growth.

Shares in Adani Wilmar fell sharply by over 6% on Tuesday following the announcement of Gautam Adani's group selling its entire stake in the FMCG joint venture. The sale, directed to its Singaporean partner Wilmar International, topped USD 2 billion.

The decision caused a 6.45% decline in stock value, closing at Rs 308.25 on the BSE—hitting an intra-day low at Rs 303.30. On the NSE, the share closed at Rs 308.05, a 6.29% drop, plummeting to Rs 303.10 intra-day.

Adani Enterprises announced it would sell its 31.06% stake to Wilmar International and the remaining shares in the open market, adhering to public shareholding norms. This strategic exit will finance the growth of its infrastructure ventures.

(With inputs from agencies.)