In a strategic move to refocus on its core infrastructure business, India’s Adani Group has agreed to sell its 31% stake in the Adani Wilmar joint venture to Singapore’s Wilmar International for $2 billion. The deal, which follows allegations of bribery against Adani’s founder, Gautam Adani, involves a 7.2% discount on Adani Wilmar’s share price.
The divestment will help Adani strengthen its infrastructure portfolio, as the group has long been seeking to exit businesses unrelated to its core sectors, such as energy, airports, and defense. Additionally, Adani will sell another 13% of its stake in Adani Wilmar via a public offering, meeting India’s shareholding requirements.
The deal comes after Adani faced setbacks, including a pause in investments from TotalEnergies and a shelved bond issue by Adani Green, due to the US indictment. However, the group’s shares saw an uptick following the announcement, reflecting market confidence in its new direction.
Wilmar, known for its edible oil business, views the Indian subcontinent as a growth hotspot for agri-food ventures and plans to bring in strategic investors to further develop Adani Wilmar.
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