Adani to exit AWL Agri, sells stake to Wilmar for Rs 10,874 crore

Indian Express

5 days ago

The Adani Group is set to fully exit AWL Agri Business (formerly Adani Wilmar Ltd) by selling its entire stake to its joint venture partner, Wilmar International of Singapore, for Rs 10,874 crore. This marks the end of one of India's longest-running joint ventures, which began in 1999.
Wilmar's stake in the company will now increase from 44 per cent to 64 per cent, making it the majority shareholder and bringing Adani's involvement in the consumer-focused agri business to a close.
Currently, Adani Commodities — a unit of Adani Enterprises — holds 30.42 per cent in AWL Agri. It will sell 20 per cent of this to Wilmar's Singapore-based subsidiary, Lence, at Rs 275 per share, amounting to Rs 7,150 crore. The remaining 10.42 per cent will be sold to a group of pre-identified investors, although Adani has not disclosed their identities.
Adani had earlier stated, in December 2024, its intent to sell its full 44 per cent stake in the joint venture to refocus on its core infrastructure businesses.
As part of the agreement announced Thursday, Adani Commodities LLP (ACL) and Lence Pte Ltd confirmed that Lence will purchase up to 259.9 million equity shares — representing 20 per cent of AWL Agri — from ACL.
In January 2025, Adani had already sold 13.5 per cent of its AWL stake via an Offer for Sale (OFS) at Rs 275 per share, to help meet regulatory norms on minimum public shareholding. That reduced its holding to 30.42 per cent.
The Adani-Wilmar joint venture initially had both parties holding 44 per cent each. Under a prior agreement signed in December 2024, they had also granted each other options to buy or sell shares at a mutually agreed price, capped at Rs 305 per share.
With this transaction, Wilmar International becomes the sole controlling shareholder of AWL Agri with a 64 per cent stake, completing Adani's strategic exit from the FMCG space.