Adani Group Exits FMCG Joint Venture With Wilmar In $2 Billion 'Fortune' Deal

Gautam Adani’s group announced its complete exit from Adani Wilmar Ltd (AWL) on Monday (30 December), selling its entire 43.94 per cent stake in the Fortune brand FMCG joint venture to Singapore-based Wilmar International and through an open market sale.

The deal, valued at over $2 billion, marks the group’s first major transaction since the United States (US) bribery indictment in November 2024.

Adani Enterprises Ltd (AEL) stated it would sell 31.06 per cent of its shares to Wilmar International at a price not exceeding Rs 305 per share, amounting to Rs 12,314 crore. The remaining 13 per cent will be sold in the open market to meet minimum public shareholding requirements.

“With this, AEL will fully exit Adani Wilmar Ltd,” the company said adding, “Adani’s nominee directors will step down from the board of Adani Wilmar Ltd.”

Pranav V Adani, director of AEL and nephew of Gautam Adani, and Malay Mahadevia will resign from the board upon completion of the transaction, which is expected by 31 March 2025.

The funds from the stake sale will be used to strengthen AEL’s investments in its core infrastructure businesses. “The proceeds from the sale will turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics, and other adjacencies in the primary industry,” the company added.

Adani Wilmar, an equal joint venture between Adani Enterprises and Wilmar International, was established in 1999. The company produces Fortune brand cooking oil, wheat flour, pulses, rice, and sugar, operating 23 plants across 10 Indian states.

Adani Wilmar was listed on stock exchanges in February 2022 after raising Rs 3,600 crore through an initial public offering. As of 27 December, AWL had a market capitalization of Rs 42,785 crore (around $5 billion).