Wilmar to Buy 13% Stake in Adani’s AWL Agri for ₹4650 Cr

Singapore's Wilmar International announced that its subsidiary has reached an agreement to acquire a 13% stake in India's AWL Agri Business from Adani Commodities for ₹4650 crore ($529.04 million).

The subsidiary, Lence, will purchase 169 million shares in the consumer goods joint venture established between Wilmar and the Adani Group, as stated in the announcement.

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Upon the completion of this transaction, Lence will possess a 56.94% stake in the Indian company.

In July, the two companies had disclosed the signing of a definitive agreement in which Lence committed to acquiring up to 20% in AWL Agri at a price of 275 rupees per share. The current transaction is being conducted at the same per share valuation.

Earlier today, AWL Agri revealed that the Competition Commission of India has granted approval for the transaction.

Both Adani and Wilmar have not yet responded to requests from Reuters regarding the remaining 7% of the initially agreed upon up to 20% stake.

The Adani Group stands as one of India’s largest multinational conglomerates, boasting a diverse business portfolio that encompasses energy, infrastructure, logistics, and consumer sectors.

The group’s operations are intricately linked to India’s economic growth, with significant focus areas including energy and utilities, where companies such as Adani Power, Adani Green Energy, and Adani Energy Solutions are leaders in thermal, renewable, and transmission projects.