Latest news with #AdaniEnterprises
Deccan Herald
3 days ago
- Business
- Deccan Herald
Adani group exits AWL Agri Business; sells remaining 10.42% stake for Rs 3,732 cr
Adani Commodities LLP (ACL), a subsidiary of Adani Enterprises, offloaded a total of 13,54,82,400 equity shares in 11 tranches on Friday, amounting to a 10.42 per cent stake in AWL Agri Business, as per the block deal data on the BSE.
Yahoo
3 days ago
- Business
- Yahoo
Wilmar to become AWL Agri majority shareholder
Wilmar International is set to become the majority owner of India-based AWL Agri. The Singapore group has agreed to buy more shares in the Fortune edible-oils maker from Indian conglomerate Adani Enterprises. Wilmar International and Adani Enterprises had been partners in the former Adani Wilmar venture until December. Adani Enterprises decided to leave the alliance to invest further in energy, utilities, transport and logistics. At the time, Wilmar International struck a deal buy 31.1% of the venture, which has been renamed AWL Agri. A month later, Adani Enterprises sold another 13.5% stake. In a stock-exchange filing yesterday (17 July), Wilmar said it held 43.9% of AW Agri, with Adani Enterprises retaining 30.4%. Wilmar has agreed to purchase another tranche of shares, representing a further 11-20% of AWL Agri, at Rs275 ($3.19) a share. When this new deal is finalised, Wilmar will hold between 54.9% and 63.9% of the business. The company said it will 'endeavour to bring in strategic partners/ identified investors' for the chunk of the new stake it does not take up. The remaining 10.4% Adani Enterprises owns in AWL Agri will be sold 'to a set of pre-identified investors', the Indian group said. Established in 1999, the now AWL Agri is headquartered in Ahmedabad. The business runs 24 factories in 15 cities. Its operations span edible oils, a wider range of food products and a third division called Industry Essentials, which takes in chemicals. Earlier this week, AWL Agri reported its fiscal first-quarter results covering the three-month period to the end of June. Revenue rose 22% to Rs17.06bn despite a 2% fall in volumes. The company booked higher revenues across its three divisions, although volumes from its edible oils and food and FMCG units fell. 'The company witnessed a temporary volume decline, primarily influenced by the consolidation of its regional rice operations and muted consumer demand. Encouragingly, the core categories delivered healthy volume growth and revenue rose 21% year on year, driven by higher edible oil realisations,' MD and CEO Angshu Mallick said. Profit after tax fell 24% to Rs238m. Last month, Wilmar agreed to acquire UK consumer goods company PZ Cussons' 50% equity stake in their Nigerian edible-oils joint venture for a cash consideration of $70m. "Wilmar to become AWL Agri majority shareholder" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Time of India
4 days ago
- Business
- Time of India
FMCG exit: Adani to get Rs 11,000cr for 30% JV stake
File photo 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'. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New Indian Express
4 days ago
- Business
- New Indian Express
Adani Enterprises cedes control of AWL Agri to Wilmar, sells 20% more for Rs 7,150 crore
MUMBAI: The Adani Group has fully exited AWL Agri Business, formerly Adani Wilmar, by selling an additional 20% stake to its Singapore-based joint venture partner Wilmar International for Rs 7,150 crore, or at Rs 275 per share. The latest deal follows a 13.5% stake sale in January this year at the same price and hands Wilmar majority control with a 65% holding in the company. The remaining 10.42% stake held by Adani Commodities, a subsidiary of Adani Enterprises, will be sold to a group of pre-identified investors arranged by Wilmar, Adani Enteprises had said in a statement Thursday. Adani Enterprises, the flagship company of the Adani Group, had in December 2024 announced its decision to exit the joint venture with Wilmar.
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Business Standard
4 days ago
- Business
- Business Standard
Adani to sell entire AWL Agri stake to Wilmar, others for ₹10,874 crore
Adani Enterprises will exit its joint venture with Wilmar by selling its entire 30.42% stake in AWL Agri Business for ₹10,874 crore, with Wilmar's unit Lence set to increase its stake to 63.94% 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.
