Adani Group to Offload Stakes in Non-Core Ventures

Adani Group announced plans to sell up to 20% of its stake in Adani Wilmar to focus on core infrastructure business. The share sale, targeting both retail and non-retail investors, aims to raise Rs 7,148 crore. Proceeds will bolster Adani Enterprises' growth in infrastructure sectors.

Adani Group has announced a significant strategic move to exit non-core activities by selling up to 20% of its stake in the FMCG firm, Adani Wilmar. The sale, set to commence in January, is designed to raise Rs 7,148 crore, a move integral to the conglomerate's pivot towards its core infrastructure business.

On Friday morning, shares of Adani Wilmar experienced a sharp decline, plummeting nearly 10% on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company's stake sale, detailed in an official stock exchange filing, will see a phase-wise divestment starting with 17.54 crore shares sold to non-retail investors, followed by retail investors.

This divestment represents the initial stage for Adani Group's phased exit strategy from its joint venture with Singapore's Wilmar International Ltd. The proceeds from this significant stake sale are set to turbocharge the growth of Adani Enterprises Ltd, directing resources towards core infrastructure projects.

(With inputs from agencies.)