Gautam Adani-led conglomerate Adani Enterprises has announced a complete exit from its FMCG joint venture, Adani Wilmar (now called AWL Agri Business), with Singapore-based Wilmar International, in a ₹10,874 crore deal. The transaction will see Adani’s subsidiary, Adani Commodities LLP (ACL), sell its remaining 20% stake in AWL Agri Business.
Adani Enterprises said in a statement on 17 July that it has signed an agreement with Lence Pte. Ltd., a unit of Wilmar International, to sell 20% of its shares in AWL at ₹275 per share, amounting to ₹7,150 crore. The remaining shares will be sold to a "set of pre-identified investors," according to a stock exchange filing.
“Lence has agreed to purchase, and ACL has agreed to sell, up to a maximum of 25,99,35,721 equity shares, representing up to 20% of the issued and paid-up equity share capital of AWL Agri Business Limited... and not less than 14,29,64,647 shares, representing 11%... at ₹275 per share,” the filing said.
Adani Group and Wilmar previously had an agreement that allowed either party to buy or sell shares in their joint venture, AWL Agri Business Ltd (formerly Adani Wilmar), at a price not exceeding ₹305 per share. Both held a 44% stake, together owning nearly 88% of the company.
Under the new arrangement, Wilmar—through its subsidiary Lence Pte Ltd—is set to increase its stake in AWL to as much as 63.94%, becoming the controlling shareholder.
Coupled with the ₹4,855 crore raised from a share sale in January 2025, the total value realised from Adani’s full exit from AWL stands at ₹15,729 crore.
The divestment is part of the Adani Group’s broader strategy to focus on its core infrastructure and energy businesses. The group had first announced its intention to exit AWL in December 2023.
With the new share purchase agreement in place, the earlier mutual buy-sell arrangement between Adani and Wilmar has been formally terminated. Completion of the deal is subject to regulatory approvals.
Wilmar’s acquisition of up to an additional 20% stake in AWL is valued at approximately $832 million, with the shares priced at a 4.8% premium to the previous close. In a separate statement, Wilmar said it expects to record a $1.23 billion gain from the transaction.
Following the announcement, AWL shares jumped as much as 8.1% during the trading session and closed 6.7% higher.
