Adani Enterprises Ltd (AEL) said on Thursday that it has signed an agreement to sell a 20 per cent stake in AWL Agri Business Ltd. to Wilmar International‘s subsidiary, Lence Pte Ltd, for Rs 275 per share, valuing the deal at Rs 7,150 crore.
Following this latest deal, Wilmar is set to become the majority shareholder, with a 64 per cent holding in AWL.
Adani Commodities LLP (ACL), a subsidiary of AEL, currently holds 30.42 per cent of AWL.
The sale marks the next step in Adani’s planned divestment of its entire 44 per cent stake in AWL and eventual exit from the FMCG joint venture.
In December 2024, Adani Commodities LLP (ACL) and Lence Pte. Ltd, a subsidiary of Wilmar International, Singapore, had entered into an agreement. They gave each other the option to buy or sell AEL/ACL’s shares in AWL (Adani Wilmar Limited) later, at a price they both agree on, but not more than Rs 305 per share. The two together held 88 per cent in the company (44 per cent each).
In January 2025, AEL/ACL sold 13.5 per cent of its shareholding in AWL at Rs 276.51 per share, raising Rs 4,855 crore. This was done so that more of the company’s shares are owned by the public, as required by minimum public shareholding requirements.
After this sale, ACL/AEL owned about 30.42 per cent of AWL. Of this 30.42 per cent, between 11 per cent and 20 per cent will now be sold to Lence, and the balance will be offered to strategic partners and investors brought in by Wilmar.
The remaining 10.42 per cent stake currently held by Adani Commodities will be sold to pre-identified investors before the transaction with Lence is completed.
After all transactions are closed, Adani Commodities will fully exit AWL, which will no longer be an associate company of Adani Enterprises.
AWL’s stock was trading at Rs 277.7 apiece on Thursday, up by Rs 15.2 or 5.7 per cent.
Meanwhile, AWL Agri Business reported its highest-ever Q1 revenue at Rs 17,059 crore for FY26, up 21 per cent from the same quarter last fiscal. The growth was mainly driven by its edible oil business, which grew 26 per cent year-on-year. This segment contributed Rs 13,415 crore, making up 78.6 per cent of total revenue and 61 per cent of the overall volume mix.
