Apples-to-airport conglomerate Adani Group on Thursday sold its 20% stake in FMCG joint venture AWL Agri Business Limited to Singapore's Wilmar International in a Rs 7,150 crore deal priced at Rs 275 per share.Following the large deal, the stock rallied over 8% to day's high of Rs 283.85 on BSE.
Today's stake sale is part of Adani Group's plan to exit the FMCG business.Earlier in January this year, Adani had sold 13.5% stake in an Offer for Sale (OFS) at Rs 275 per share in Rs 4,850 crore deal.Wilmar International will replace Adani as majority shareholder in AWL Agri Business Limited, with about 64% stake.
Following today's stake sale, Adani's stake in the company will fall down to about 11%.Last year in late December, Adani had announced its exit from the company which makes Fortune brand cooking oil, wheat flour and other food products.
Subsequently, Adani Wilmar's name was changed to AWL Agri Business.Live EventsAdani Group plans to use proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics, and other adjacencies in primary industry.The decision to sell 20% stake was taken at a board meeting of Adani Enterprises during the day after which the deal was executed in the afternoon.Also Read: AWL Agri Business shares surge over 6% on record Q1 revenue"Pursuant to completion of the transactions above, ACL (Adani Commodities LLP) would completely exit AWL and consequently, AWL will cease to be the associate company of ACL and cease to be the associate of the Company," Adani Enterprises said in a regulatory filing, adding that it will also sell its remaining 10.42% stake to a set of pre-identified investors."The aforesaid transactions shall result in a cash realization of Rs 10,874 crore in ACL.
In addition, Rs 4,855 crore have already been realized by ACL through the offer for sale undertaken in January 2025, resulting in a total realization of Rs 15,729 crores for ACL," it said.ACL is a wholly-owned subsidiary of Adani Enterprises Ltd.