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Adani to sell entire AWL Agri stake to Wilmar, others for ₹10,874 crore
New Delhi
A division of Adani Enterprises has announced that it will exit its agri-business joint venture with Singapore-based Wilmar by selling its entire stake for ₹10,874 crore (approximately $1.27 billion), according to a report by Reuters.
Adani Commodities, which currently owns 30.42 per cent in the consumer goods joint venture, plans to sell up to 20 per cent of its holding to Wilmar's subsidiary, Lence. The remaining shares will be sold to 'a set of pre-identified investors", Adani Enterprises said in a stock exchange filing, without providing further details.
The shares will be sold to Lence at a price of ₹275 each, as per the filing. Following the transaction, Wilmar -- through its unit Lence -- will own up to 63.94 per cent of AWL Agri Business.
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