iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Adani is in discussions with FMCG companies to sell its entire 43.97% interest in Wilmar JV

6 Nov 2023 , 11:39 AM

The Fortune brand of packaged grocery products and edible oils is Adani Wilmar Ltd.; the Adani Group is allegedly in talks to sell its entire 43.97% ownership in the company with a number of international consumer goods firms.

The group is requesting $2.5–3 billion for its share in the joint venture (JV) with Singapore-based Wilmar International, which also owns an equal 43.97% ownership in the company. A deal is expected to be finalized within a month, according to a November 6 story from the Economic Times.

Previous week, Adani Wilmar released much lower quarterly results for the current fiscal year’s September quarter, reporting a loss of Rs 131 crore as opposed to a profit of Rs 49 crore for the same period previous year. The company’s financial performance was influenced by a loss in revenues over the previous year, which was the cause of this decline in profitability.

The manufacturer of fast-moving consumer goods (FMCG) recorded a 13.3% decrease in revenue from the previous year, coming in at Rs 12,267.15. Even though the company was able to bring down overall expenses to Rs 12,439.45 crore, the decrease was substantial enough to leave them with a Rs 131 crore net loss.

Notably, billionaire Gautam Adani’s company Adani Enterprises in August made it clear that there were no intentions to sell its share of the FMCG joint venture and that there had been no events pertaining to this topic that needed to be disclosed.

In a regulatory filing, the business had stated, ‘We would like to clarify that as of now, there is no such event concerning the media report, which requires any disclosure from the company side in accordance with Regulation 30 of SEBI Listing Regulations.’

Following allegations, notably one from news agency Bloomberg, that Adani was considering selling its share in the JV in order to raise money for its primary business operations, the conglomerate released a statement outlining its stance on the possible sale of its interest in Adani Wilmar.

The 1999-founded JV has equal ownership between Adani and Wilmar. After raising Rs 3,600 crore in an initial public offering (IPO) in February 2022, both companies’ shareholdings were decreased to 43.97 percent each.

For feedback and suggestions, write to us at editorial@iifl.com

Adani Wilmar - Wikipedia

Related Tags

  • Adani wilmar
  • JV
  • stake sale
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.