Adani group has made a big announcement, where it said that it will be selling its entire stakes in the food and beverage company Adani Wilmar. Adani Group has a 43.96% stake in the company, which is said to be finalised by next month.
According to a report by the Economic Times, the conglomerate aims to raise about $2 to $3 billion from its stake in Adani Wilmar. The company deals in edible oils and other food products. It is a joint venture between the Adani group and Singaporean conglomerate Wilmar International. The Singaporean company owns a 43.87% stake in the joint venture, which was founded in 1999.
Adani Wilmar is one of the biggest companies in India and is one of the constantly growing companies in the country. It owns the popular Indian edible oil brand Fortune. Apart from this, the company also deals in other edible products like rice, pulses, sugar and flour. Adani Wilmar is also the largest manufacturer of Castor oil in India and is also the biggest exporter of castor oil.
Although Adani Group has not commented on the deal, it is speculated that by selling its stake in Adani Wilmar, the company plans to invest this money in areas of key focus, like infrastructure. Adani’s stocks plummeted after Hindunberg’s financial report, but they saw a 19% increase after India’s supreme gave the company a clean chit.
