Adani Group Exits Adani Wilmar in $2 Billion Deal
Billionaire Gautam Adani’s group announced its exit from the FMCG joint venture Adani Wilmar on Monday, marking its first major transaction since a U.S. bribery indictment in November. Adani Enterprises Ltd (AEL), which held a 43.94% stake in Adani Wilmar, will sell 31.06% to Wilmar International and the remaining 13% in the open market to meet public shareholding norms.
The sale of 40.37 crore shares to Wilmar at a maximum of ₹305 per share is expected to generate ₹12,314 crore. Combined with the open market sale, the total proceeds will exceed $2 billion (approximately ₹17,100 crore).
“With this, AEL will fully exit Adani Wilmar,” the company said. Adani’s nominee directors, including Pranav V. Adani and Malay Mahadevia, will step down from the board. The transaction is set to conclude by March 31, 2025.
Utilizing Proceeds for Growth
AEL plans to use the funds to boost investments in its core infrastructure businesses, including energy, utilities, transport, and logistics, further consolidating its position as India’s largest listed incubator for growth platforms.
This divestment removes the liquidity concerns surrounding the group and highlights Adani’s disciplined financial approach. The group has approximately 63% equity deployed relative to overall assets, which will increase after this transaction.
Adani Wilmar Overview
Adani Wilmar, an equal joint venture between Adani Group and Singapore-based Wilmar International, owns popular FMCG brands like Fortune cooking oil, wheat flour, and rice. Established in 1999, the firm operates 23 plants across 10 Indian states.
Adani Wilmar got listed in February 2022, raising ₹3,600 crore through its IPO. As of December 2024, the company had a market capitalization of ₹42,785 crore ($5 billion) and posted a total income of ₹51,555.24 crore in the last fiscal year.
Public Shareholding Compliance
Adani Wilmar’s promoters currently hold 87.87%, exceeding SEBI’s 75% limit for promoter ownership. The 13% stake sale will help meet public shareholding requirements.
Strategic Financial Moves
This deal follows AEL’s recent $500 million fundraising in October. Other Adani Group companies, such as Adani Energy Solutions, Ambuja Cement, and Adani Green Energy, also raised funds, reflecting the group’s robust financial management.
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