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FMCG exit: Adani to get Rs 11,000cr for 30% JV stake

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MUMBAI: Adani Enterprises will divest its remaining 30.4% stake in AWL Agri Business to Wilmar International of Singapore and institutional investors for an estimated Rs 11,080 crore, marking its complete exit from one of its earliest business ventures established at the turn of the new millennium.Earlier in Jan, it divested about a 14% stake in AWL Agri Business (previously Adani Wilmar) for Rs 4,856 crore through the offer for sale (OFS) route, signalling its withdrawal from non-core infrastructure operations. The Ahmedabad-based Adani Group already disposed of its interests in Adani Capital, Adani Housing, and the Myanmar port project.On Thursday, AWL announced that Wilmar will buy Adani Enterprises’ 20% stake in the Fortune edible oil and Kohinoor basmati rice maker for Rs 7,148 crore, raising its ownership to around 64% from the current 45%. Additionally, institutional investors will buy Adani Enterprises’ remaining 10.42% stake for an estimated Rs 3,934 crore in a separate transaction.The share transfer price is set at Rs 275 per share for both Wilmar and institutional investors, compared to the Jan OFS price of Rs 276.5. During Thursday’s trading, AWL shares on BSE rallied by over 8% to Rs 284 intraday, closing at Rs 278, up 6.1%.Following the completion of these transactions, subject to Wilmar securing anti-trust approvals, AWL will cease to be an associate company of Adani Enterprises. Adani Enterprises, the group’s flagship company, intends to utilise the proceeds from the AWL divestment in airports, green hydrogen, roads, and copper operations, where it identifies significant growth potential. The company previously said that airports, rather than FMCG, will emerge as a “full-blown consumer story”.

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