New Delhi, Dec 30 (UNI) Adani Enterprises Limited (AEL) on Monday announced its complete exit from the FMCG joint venture Adani Wilmar.
The Adani group flagship company in a media release said that it has signed the deal under which Lence Pte. Ltd, a wholly-owned subsidiary of Wilmar International, will acquire upto 31.06% equity shares of Adani Wilmar Ltd held by AEL subsidiary Adani Commodities LLP (ACL).
In addition, it has been agreed between the parties that AEL will divest 13% shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements.
“It may be noted that with completion of these two legs, AEL would completely exit its 44% holding in Adani Wilmar. Adani Wilmar had market capitalization of Rs 42,785 crores (US$ 5.0 billion) as on Friday, 27th December 2024,” Adani said.
“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 release said.
AEL said that it will 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.
“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,” it said.
