Ahmedabad (Gujarat) [India], December 30 (ANI): Adani Enterprises is set to exit a joint venture with Adani Wilmar and for that, it has signed an agreement with Wilmar International.
Adani Enterprises on Monday informed stock exchanges that it will sell 13 per cent of Adani Wilmar to achieve minimum public shareholding requirements and Wilmar International has agreed to acquire 31 per cent held by Adani Enterprises in Adani Wilmar.
With this, Adani Enterprises will fully exit the Adani Wilmar platform.
Upon signing the agreement today, Pence, a wholly-owned subsidiary of Wilmar International, will acquire all the paid-up equity shares of joint venture Adani Wilmar.
It may be noted that with the completion of these two legs, Adani Enterprises would completely exit its 44 per cent holding in Adani Wilmar. Adani Wilmar has a market capitalization of Rs 42,785 crore (USD 5.0 billion) as of Friday, December 27, 2024.
Adani Enterprises will raise over USD 2 billion from the overall transaction, which includes two steps – OFS and the sale to Wilmar. The transaction is expected to be consummated before 31 Mar 2025.
Adani Enterprises said it will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics and other adjacencies in primary industry
Adani Enterprises’ board of directors has adopted a resolution noting the resignation of Adani Commodities LLP, a wholly-owned subsidiary of Adani Enterprises’ nominee directors from the board of Adani Wilmar.
“The parties have agreed to take further steps for change of name of ‘Adani Wilmar Ltd’,” Adani Enterprises informed stock exchanges.
“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,” said the Adani Group flagship company.
“Adani Wilmar is well positioned to benefit from the huge scale of operations, a strong distribution network and retail reach across the length and breadth of India. Adani Wilmar has 100 per cent urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally,” it added. (ANI)
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