Adani Shares In Focus After Report Cites Adani Group Will Likely Sell Entire Stake in Adani Wilmar

Adani group stocks including Adani Wilmar, Adani Energy, Adani Green Energy, and Adani Enterprises remained in focus on Monday after a news report highlighted that the Gautam Adani group is considering to sell entire 43.97% stake in Adani Wilmar. The Indian conglomerate is reportedly holding negotiations with several multinational consumer goods companies to sell its complete stake in the Adani group firm Adani Wilmar. According to the Economic Times report, the deal is likely to be finalized within a month.

On Monday, the share price of Adani Wilmar Ltd was down 0.17% at Rs 316.90 per share at 10:40 am IST.

As per the report, the Gautam Adani conglomerate is anticipating $2.5-3 billion for the stake in the joint venture (JV). Adani Wilmar owns the popular Fortune brand of edible oils.

Adani Wilmar is a joint venture between the ports-to-renewable energy conglomerate and Singapore-based Wilmar International, which each has 43.97% stake in the company as per sources. The JV was incorporated in January 1999.

The group's plan to disinvest in Adani Wilmar comes as the Indian conglomerate is looking to exit a few businesses to invest deeply in core focus areas like infrastructure, said the report cited a source. The proceeds are likely to be utilized for other investments and not to pay debt.

One must note that the media reports claiming that the group is exiting non-core assets to create a liquidity buffer have been doing the rounds for the last few months. This happened after the US Short-Seller Hindenburg Research report resulted in an erosion of $ 150 billion from investors' wealth.

Apart from the Fortune brand, Adami Wilmar is also a provider of kitchen commodities including wheat flour, rice, pulses, and sugar. It is the largest also the largest manufacturer and exporter of castor oil and its derivatives.

Adani Shares: Adani Enterprises, Adani Green Energy and Adani Energy Solutions

Today, the share price of Adani Enterprises, Adani Green Energy, and Adani Energy Solutions were up 0.85%, 1.71%, and 0.63% at Rs 2247.60, Rs 918, and Rs 770.00 respectively, at 10:58 am IST.