Adani Wilmar: Adani Group led by billionaire businessman Gautam Adani has made a big announcement on Monday. The group has said that they are going to exit their joint venture Adani Wilmar. Adani Group is selling its entire stake in Adani Wilmar to Singapore company Wilmar International and in the open market for more than $2 billion. Adani Enterprises Limited said in a statement that it will sell 31.06 percent stake to Wilmar International. Whereas, the remaining 13 percent stake will be sold in the open market to meet the minimum public shareholding requirements.
The deal will be completed before March 31, 2025
However, the company did not disclose the price at which it was selling the stake. But according to an estimate, the value of this deal is estimated to be more than $2 billion. According to the statement, “With this deal, Adani Enterprises will completely exit Adani Wilmar.” The deal is expected to be completed before March 31, 2025.
The company sells many food items in the name of Fortune
Let us tell you that Adani Wilmar is a leading FMCG company of the country which mainly focuses on edible oil and other food items. This company sells soybean oil, mustard oil, sunflower oil, groundnut oil, basmati rice, flour, gram flour, sattu, soya chunks, pulses, maida, rava, semolina, sugar and poha under the name of Fortune.
This joint venture also sells various everyday items under many other names.
Apart from this, Adani Wilmar Kings also sells edible oils under the names Aadhar, Raga, Bullet, Avasar, Alpha. Apart from this, this joint venture also sells soap and handwash under the name Alife and floor cleaner under the name Ozel. Let us tell you that the current market cap of the company is Rs 42,824.41 crore (about 5 billion dollars).
With PTI inputs
Latest Business News