Adani Enterprises (AEL) on Monday, December 30 said that it will fully exit its consumer goods joint venture with Wilmar International – Adani Wilmar – wherein it holds a 44% stake. The divestment will take place in two phases.

As part of the agreement, Lence Pte, a wholly-owned subsidiary of Wilmar International, will acquire 31.06% of the paid-up equity shares of Adani Wilmar from Adani Commodities, a wholly-owned subsidiary of Adani Enterprises.

Wilmar will acquire Adani’s 31% stake at a price not exceeding ₹305 apiece.

“Adani Enterprises, Adani Commodities LLP (ACL), a wholly-owned subsidiary of AEL and Lence Pte Ltd (Lence), a wholly-owned subsidiary of Wilmar International have entered into an agreement on 30 December 2024 pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar held by ACL as at the date of exercise of the call option or put option, as the case maybe, in respect of a maximum of 31.06% of the existing paid up equity share capital of Adani Wilmar,” the flagship Adani company said in a press release.

As per the agreement, Adani Enterprises will additionally sell or dispose off ~13% of shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements.

Moreover, the directors nominated by ACL – Pranav V. Adani and Dr. Malay Mahadevia – shall resign from the board of directors of Adani Wilmar.

Both companies have further agreed to work together and take the necessary steps to change the name of Adani Wilmar before or when the transaction is completed.

Adani Enterprises and Wilmar are the founder shareholders of Adani Wilmar. The FMCG major, with a market capitalisation of ₹42,824.41 crore, has its presence across 30,600 rural towns in India. The company also exports to over 30 countries globally.

Adani Enterprises looks to use these funds to spur investments in the core business such as energy and utility, transport and logistics.

Stock Impact

Following the announcement, Adani Enterprises shares ended on a strong note at ₹2,593.45 on the BSE, up 7.65%. Meanwhile, Adani Wilmar share price witnessed a knee-jerk reaction as they plummeted to the day’s low of ₹321.65 but soon recovered to end flat at ₹329.50, down 0.17% on the BSE.