Indian billionaire Gautam Adani’s Adani Enterprises Ltd is selling its entire 44% stake in Mumbai-listed Adani Wilmar to Singapore-based palm oil giant Wilmar International for a $2 billion multi-phase deal. The deal involves the sale of an initial 13% stake and the remaining 31% stake to comply with Indian regulators’ minimum public float requirements.
As part of the exit, Adani Enterprises will focus on its core infrastructure businesses and use the proceeds to expand into renewable energy, transport, and logistics ventures. The company’s board representatives will resign from Adani Wilmar, whose corporate name may be changed.
Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is India’s largest consumer foods manufacturer, with a market capitalization of about $5 billion. The company has 100% urban coverage and presence in over 30,600 rural towns across the subcontinent, exporting to over 30 countries globally.
The deal marks an exit for Adani Enterprises from its joint venture with Wilmar International, which is backed by Malaysian tycoon Robert Kuok. Kuok’s real-time net worth stands at $11.5 billion, while his nephew Kuok Khoon Hong has a net worth of $3.8 billion.
Source: https://www.forbes.com/sites/jonathanburgos/2024/12/30/billionaire-gautam-adani-to-raise-2-billion-from-sale-of-adani-wilmar-stake