Adani Group to Sell Entire Stake in Wilmar for ₹24,000 Crore, Shares Dip

Adani Group is seeking to sell its 43.97% stake in its FMCG company, “Adani Wilmar Limited.” For this purpose, the group is reportedly in talks with several multinational consumer goods companies. According to reports, a deal to sell the company could be completed within a month, with expectations of fetching the group $2.5-3 billion in proceeds.

As of now, Adani Group has not provided any official information regarding this development.

Following the news of the potential sale, Adani Group’s shares experienced a 0.16% decline in the stock price, with shares trading at 316.50 Indian Rupees.

Three months ago, there were reports suggesting that Adani Group’s main company, Adani Enterprises, had been exploring the possibility of selling its stake in Adani Wilmar for several months.

These discussions were reportedly centered around using the proceeds from the stake sale to focus on the core business of the Adani Group. However, Adani Wilmar denied these reports and stated that they were in compliance with SEBI regulations and would continue to make disclosures as required.

As of now, Adani Wilmar’s current market value is approximately ₹41.16 billion.

In its quarterly results for the second quarter of the financial year 2023-24 (Q2FY24) announced on November 1, 2023, Adani Wilmar reported a loss of ₹131 crore for the July-September quarter, compared to a profit of ₹48.76 crore in the same period last year. This financial performance resulted in a loss of ₹78.9 crore for the first quarter of the financial year.

In the Q2FY24, Adani Wilmar’s revenue also decreased by 13% to ₹12,267 crore compared to ₹14,150 crore in Q2FY23. Regarding its operational performance, the company’s EBITDA for the July-September quarter saw a 43% decline, coming in at ₹144 crore, down from ₹254 crore in the previous year.