Adani Group to Sell Its Stake in Adani Wilmar for $2 Billion

Adani Group has announced plans to sell its stake in Adani Wilmar Ltd., which is listed on the Mumbai stock exchange, for $2 billion through a two-step agreement. This move is part of the group's strategy to focus on its core infrastructure business.

According to a notification to the stock exchange, Adani Enterprises Ltd. and Wilmar International Ltd. have reached an agreement on the sale. Adani Enterprises will sell 13% of its stake in Adani Wilmar to meet the minimum public float requirement.

In addition, Wilmar International has agreed to purchase the remaining 31% stake from Adani at a price not exceeding 305 rupees ($3.57) per share. This price is below Adani Wilmar's valuation of approximately $5 billion based on Monday's closing price of 328.75 rupees.

Upon completion of the two-step transaction, Adani will completely exit its 44% stake in Adani Wilmar. The proceeds from this sale will be used to strengthen the group's core infrastructure businesses, including air transportation and renewable energy.