Adani Enterprises Inks Deal With Wilmar International, Firm To Completely Exit Adani Wilmar

Adani Enterprises, Adani Commodities LLP (a wholly owned subsidiary of AEL), and Lence Pte Ltd (a wholly owned subsidiary of Wilmar International Ltd) signed the deal on Monday

AEL and Wilmar together built Adani Wilmar as a major food FMCG player in the country.

Source : Adani Group

Adani Enterprises Limited (AEL) inked an agreement on December 30, 2024 with Wilmar International to completely exit the Adani Wilmar joint venture. The company, Adani Commodities LLP (a wholly owned subsidiary of AEL), and Lence Pte Ltd (a wholly owned subsidiary of Wilmar International Ltd) signed the deal on Monday. 

As such, Lence will acquire all the paid-up equity shares of Adani Wilmar held by Adani Commodities LLP (ACL). Issuing an official statement, the conglomerate said, “Lence will acquire all the paid-up equity shares of Adani Wilmar Ltd (“Adani Wilmar”) held by ACL as at the date of exercise of the call option or put option, as the case maybe, in respect of a maximum of 31.06% of the existing paid up equity share capital of AWL.”

The statement noted, "Adani Enterprises Limited (“AEL”), Adani Commodities LLP (“ACL”, a wholly-owned subsidiary of AEL) and Lence Pte. Ltd. (“Lence”, a wholly-owned subsidiary of Wilmar International Limited (“Wilmar”)) have entered into an agreement (“Agreement”) on 30 December 2024."

The deal will see Adani Enterprises, the flagship entity of the Adani Group, offload their 13 per cent stake in Adani Wilmar Ltd and completely exit the Adani Wilmar Ltd platform. 

This decision to divest its stake in the joint entity is being taken to achieve compliance with minimum public shareholding requirements. With the completion of these steps, Adani Enterprises will see a complete exit from its 44 per cent stake in Adani Wilmar. 

As of Friday, December 27, 2024, Adani Wilmar’s market capitalisation touched Rs 42,785 crore. “In consideration of the above, AEL’s board of directors has adopted a resolution noting the resignation of ACL’s nominee directors from the board of Adani Wilmar. The parties have agreed to take further steps for change of name of ‘Adani Wilmar Ltd’,” the Adani group said.

Notably, AEL and Wilmar together built Adani Wilmar as a major food FMCG player in the country. Adani Wilmar has presence in more than 30,600 rural towns in the country and exports to over 30 countries in the world.

AEL plans to use the proceeds from the sale to 'turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry'.