Adani Enterprises denies reports of exiting $6 billion venture with Wilmar

Adani Enterprises on Thursday denied the reports stating that it is planning to exit the $6 billion joint venture with Wilmar International. In a regulatory filing, it said that there is no such event as of now. 

"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 per regulation 20 of Sebi listing regulations," the company said.

Earlier this week, Bloomberg reported that Adani Enterprises is exploring selling its stake in its consumer-staple joint venture with Wilmar International.

The conglomerate was considering a potential sale of its 44 per cent stake in Adani Wilmar for a few months, according to the report. The India-based fast-moving consumer goods maker is currently valued at $6.17 billion.

Gautam Adani and his family may retain a minority stake in a personal capacity following a sale, while Wilmar could decide to retain its stake in the business, the report added. 

Deliberations are at an early stage, and Adani Enterprises may decide to keep its stake, the report said.

Adani Wilmar last week reported a net loss of Rs 79 crore in the June quarter due to lower income amid a fall in the prices of cooking oils. The company had posted a net profit of Rs 194 crore in the year-ago period.

Total income fell 12 per cent to Rs 12,928 crore during the April-June period from Rs 14,724 crore in the corresponding period of the previous financial year, Adani Wilmar said in a regulatory filing.

Adani Wilmar sells edible oils and other food items under Fortune Brand.

"We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry," Angshu Mallick, managing director and chief executive officer of Adani Wilmar Ltd, said.