Adani Group and Wilmar International may sell 13% stake in JV

19 Jul 2024 CW Team

Billionaire Gautam Adani and Singapore-based food processing giant Wilmar International are in early discussions with banks to sell a minority stake in their consumer joint venture, Adani Wilmar. This move aims to help the company comply with shareholding regulations, according to sources familiar with the matter.

The owners are considering selling equal stakes totalling 13% in Adani Wilmar, valued at approximately $670 million. The sale could occur in the coming months. Shares of Adani Wilmar have declined 7% this year, bringing the company's valuation to about $5 billion.

The stake sale could be executed in one or multiple tranches, depending on investor interest. Adani and Wilmar have until February next year to reduce their combined holding to 75%, in line with SEBI regulations. Details such as the size of the stake sale and its timing are still being finalised. Representatives for Adani Group and Wilmar International declined to comment, and Adani Wilmar did not provide an immediate response. (Source: ET)

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