Billionaire Gautam Adani's group announced its exit from FMCG joint venture Adani Wilmar by selling its entire 43.94% stake to the Singaporean partner Wilmar International and in the open market. The estimated $2 billion deal is the first major move since the US bribery indictment. Adani's stake will be sold for Rs 12,314 crore to Wilmar and an additional 13% will be sold through OFS to meet minimum public shareholding requirements. This move allows Adani to focus on turbocharging their growth in core infrastructure businesses.
In a significant move, Indian conglomerate Adani Group has announced its exit from the fast-moving consumer goods (FMCG) joint venture Adani Wilmar. The move marks a strategic shift for Adani, allowing the group to focus on its core infrastructure businesses.
Background
Adani Wilmar was established in 2000 as a 50:50 joint venture between Adani Group and Singaporean agribusiness giant Wilmar International. The company has a strong presence in India's edible oil, rice, and sugar markets.
Exit Details
Adani Group has agreed to sell its entire 43.94% stake in Adani Wilmar to Wilmar International for an estimated $2 billion. The deal is expected to close by the end of 2023. Additionally, Adani will sell an additional 13% stake through an open market offering (OFS) to meet minimum public shareholding requirements.
Reasons for Exit
Adani's exit is part of its strategy to simplify its portfolio and focus on its core infrastructure businesses, such as ports, airports, logistics, energy, and utilities. The move is also seen as an attempt to reduce debt and improve its credit profile in the wake of a recent US bribery indictment.
Impact on Adani Group
The exit from Adani Wilmar allows Adani Group to unlock significant capital, which can be invested in its growth plans in other sectors. It also reduces Adani's exposure to the cyclical FMCG sector and aligns with its long-term goal of becoming a global infrastructure giant.
FAQs
1. Why did Adani Group exit Adani Wilmar? To simplify its portfolio, focus on core infrastructure businesses, reduce debt, and improve its credit profile.
2. How much did Adani Group sell its stake in Adani Wilmar for? An estimated $2 billion to Wilmar International.
3. What will Adani do with the proceeds from the sale? Invest in its growth plans in other sectors.
4. What is the impact of the exit on Adani Group? It unlocks capital, reduces exposure to the FMCG sector, and aligns with its long-term strategy.
5. What is the future of Adani Wilmar? Wilmar International will own a majority stake in the company and continue to operate its business in India.
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