MUMBAI: Billionaire Gautam Adani will exit from Mumbai-listed Adani Wilmar Ltd in a US$2 billion multi-phased deal by selling its stake in their consumer joint venture (JV) as Adani Group’s flagship turns focus to its core infrastructure businesses.
The units of Adani Enterprises Ltd and Wilmar International Ltd entered into an agreement to sell Adani’s shares to the JV partner, the company said in an exchange filing.
Both partners have said that Adani Enterprises will sell 13% of shares in Adani Wilmar to comply with the minimum public shareholding requirement.
Post the two-phased transaction, Adani Enterprises will completely exit its 44% holding in Adani Wilmar and use the proceeds for bolstering its core infrastructure business including air transport and renewable energy.
Adani’s nominee directors will step down from the Adani Wilmar board and the company is likely to see a name change, the filing said.