Adani Group to Sell 20% Stake in AWL Agri (Adani Wilmar) to Wilmar
By Ankur Chandra | Published at: Jul 17, 2025 04:08 PM IST
Ahmedabad, July 17 – Adani Group will sell 20% stake in AWL Agri Buisness (formerly Adani Wilmar) to Wilmar for Rs 7,148.23 crore.
Transaction Summary
Adani Commodities LLP has agreed to sell up to 259.94 crore equity shares, representing a maximum of 20.00% stake in AWL, to Lence Pte. Ltd., a wholly owned subsidiary of Singapore-based Wilmar International Ltd. The sale price is fixed at ₹275 per share. The minimum number of shares to be sold is 14.30 crore, equating to 11.00% stake, with the final quantity to be decided at Lence’s discretion.
| Stake Sold (Min–Max) | Shares | % of AWL Equity | Price/Share | Value Range (₹ Cr) |
|---|---|---|---|---|
| Minimum | 142,964,647 | 11.00% | ₹275 | ₹3,936.53 |
| Maximum | 259,935,721 | 20.00% | ₹275 | ₹7,148.23 |
The transaction will be executed post necessary anti-trust approvals and customary conditions precedent.
Shareholding Snapshot
Following the earlier Offer for Sale (OFS) in January 2025, ACL’s holding in AWL had reduced from 43.93% to 30.42%. That OFS had fetched ₹4,855 crore for ACL at ₹276.51/share. Post the upcoming share sale and subsequent transactions, Adani Enterprises will completely exit AWL, removing it from its list of associate companies.
| Date | Action | ACL Shareholding in AWL | Stake % |
|---|---|---|---|
| Pre-Jan 2025 | Before OFS | 575,020,435 | 43.93% |
| Post-Jan 2025 OFS | Sold 175,601,314 shares | 395,418,121 | 30.42% |
| Post SPA Completion | To sell up to 259,935,721 shares | Nil (complete exit) | 0% |
Additional Sale & Investor Involvement
- Residual Stake Plan: Any shares between 11% and 20% not acquired by Lence will be placed with strategic investors identified by Wilmar.
- Remaining 10.42% stake will be offloaded to a set of pre-identified investors before the SPA closes.
- The cumulative transaction will result in ₹10,874 crore inflow from the SPA plus the earlier ₹4,855 crore, aggregating to ₹15,729 crore.
Termination of Earlier Agreements
Upon execution of the SPA, the following historical agreements will be terminated:
- Shareholders’ agreement dated April 12, 1999, and its amendments,
- Inter-se agreement dated July 30, 2021.
These were previously governing the joint control and exit mechanisms between Adani and Wilmar.
About the Companies
Adani Enterprises Ltd (AEL) is the flagship incubator of the Adani Group, listed on NSE and BSE. It drives businesses across energy, airports, green hydrogen, data centers, and mining.
AWL Agri Business Ltd (formerly Adani Wilmar Ltd) is a joint venture formed in 1999 between Adani Group and Wilmar International Ltd, and is a leading FMCG player in India. Wilmar is one of Asia’s largest agribusiness groups.
REF: https://nsearchives.nseindia.com/corporate/nishant_joshi_adani_com_17072025143444_AELReg30Disclosure.pdf
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