Economic news

Adani Enterprises weighs exiting $6 billion Wilmar venture – Bloomberg News

2023.08.09 02:56


© Reuters. FILE PHOTO: Workers transport tins of edible oil inside a storeroom of Adani Wilmar Ltd at Mundra, 375 km (233 miles) from the western Indian city of Ahmedabad, June 10, 2009. REUTERS/Amit Dave/File Photo

(Reuters) -India’s Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The conglomerate has been considering a potential sale of its 44% stake in Adani Wilmar for a few months, according to the report. The India-based fast-moving consumer goods maker is currently valued at $6.17 billion.

Indian billionaire Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, while Wilmar could decide to retain its stake in the business, Bloomberg reported.

Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said.

Adani Enterprises and Wilmar did not respond to Reuters requests for comment, while Adani Wilmar said it would not like to comment on the report.

Last week, Adani Wilmar reported loss in the first quarter, hurt by a steep decline in edible oil prices.

Adani Group-linked stocks have lost nearly $147 billion in market value earlier this year after U.S. short-seller Hindenburg Research raised questions on the group’s corporate governance.

Adani Group called Hindenburg’s report a “malicious attempt” at damaging its reputation.

In May, a Supreme Court of India panel said it was “not possible” to conclude regulatory failure on allegation of price manipulation.

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