The Adani Enterprises Ltd (AEL) on Monday announced its decision to fully exit its consumer goods joint venture Adani Wilmar.
Notably, AEL holds a 44% stake in Adani Wilmar.
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Lence Pte Ltd, a wholly-owned subsidiary of Wilmar International, will acquire 31.06% of Adani Wilmar’s paid-up equity shares from Adani Commodities LLP, a wholly-owned subsidiary of AEL, the company said in an exchange filing.
“Adani Enterprises, Adani Commodities LLP (ACL), and Lence Pte Ltd (Lence) entered into an agreement on 30 December 2024. Under this agreement, Lence will acquire up to 31.06 per cent of Adani Wilmar’s existing paid-up equity share capital held by ACL, through the exercise of a call or put option as applicable,” the filing said.
Funds raised from the proceeds will be used by AEL to ‘turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry,’ it said.
“AEL will continue to invest in infrastructure sectors which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story,” the statement read.
AEL’s board has also resolved to withdraw ACL’s nominee directors from AWL’s board, and the company’s name will undergo a change.
Adani Enterprises and Wilmar are the founder shareholders of Adani Wilmar, jointly building the FMCG franchise in India. The Adani Wilmar holds the market capitalisation of Rs 42,785 crore.
