Adani Group sold its 20% stake in AWL Agri Business Limited to Singapore's Wilmar International for Rs 7,150 crore at Rs 275 per share Thursday. The stock surged over 8% following the announcement.
This deal completes Adani's exit from the FMCG business, reducing its stake to 11% while Wilmar becomes majority shareholder with 64%. Combined with January's Rs 4,850 crore stake sale, Adani will realize Rs 15,729 crore from divesting the Fortune brand cooking oil and wheat flour maker.
Adani plans to reinvest proceeds in core infrastructure platforms including energy, utilities, transport and logistics. The company will sell its remaining 10.42% stake to pre-identified investors, completely exiting the FMCG venture.
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