Adani Enterprises Limited (“AEL”), Adani Commodities LLP (“ACL,” a wholly owned subsidiary of AEL), and Lence Pte. Ltd. (“Lence,” a wholly owned subsidiary of Wilmar International Limited (“Wilmar”)) have entered into an agreement (“Agreement”) on 30 December 2024 pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar Ltd (“Adani Wilmar”) held by ACL as at the date of exercise of the call option or put option, as the case may be, in respect of a maximum of 31.06% of the existing paid-up equitAdani Enterprises Limited y share capital of AWL.
In addition, it has been agreed between the parties that AEL will divest ~13% of shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements. It may be noted that with the completion of these two legs, AEL would completely exit its ~44% holding in Adani Wilmar. Adani Wilmar had market capitalization of INR 42,785 crores (US$ 5.0 billion) as of Friday, 27th December 2024.
In consideration of the above, AEL’s board of directors has adopted a resolution noting the resignation of ACL’s nominee directors from the board of Adani Wilmar. The parties have agreed to take further steps for the change of name of ‘Adani Wilmar Ltd.’.
AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry. AEL will continue to invest in infrastructure sectors, which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story.
AEL and Wilmar are the founder shareholders of Adani Wilmar and have jointly built the largest food FMCG player in India, which has won the trust of millions of Indian families. Adani Wilmar is well positioned to benefit from the huge scale of operations, a strong distribution network, and retail reach across the length and breadth of India. Adani Wilmar has 100% urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally.
The transaction is subject to customary condition precedents, including receipt of applicable regulatory approvals.
About Adani Enterprises Limited (AEL)
AEL is India’s largest listed business incubator in terms of market capitalization and is driven by the philosophy of incubating businesses in four core industry sectors – energy and utility, transportation and logistics, consumer, and primary industry. AEL has, over the years, seeded new business interests for the Adani portfolio, developed them into sizeable and self-sustaining business verticals, and subsequently demerged them into independently listed and scalable platforms. Our current business portfolio includes airports, roads, a new energy ecosystem (including solar and wind manufacturing), data centers, food FMCG, digital, mining, copper, PVC, defense and specialized manufacturing, among other.
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