Adani to sell entire AWL Agri stake to Wilmar, others for ₹10,874 crore

Adani Enterprises will exit its joint venture with Wilmar by selling its entire 30.42% stake in AWL Agri Business for ₹10,874 crore, with Wilmar's unit Lence set to increase its stake to 63.94%

Adani Enterprises will fully exit AWL Agri Business Ltd (formerly Adani Wilmar Ltd), its joint venture with Singapore-based Wilmar International, through a stake sale valued at ₹10,874 crore (around $1.3 billion), the company said on Thursday. This move will hand majority control to Wilmar, according to a report by Reuters.

 

The sale is part of Adani Group’s plan to sharpen its focus on its core infrastructure businesses. The divestment was first announced in December 2023, when the group said it would fully exit its 44 per cent stake in Adani Wilmar.

 

In January 2025, Adani Enterprises and its unit Adani Commodities LLP (ACL) sold 13.5 per cent of their stake in AWL at ₹276.51 per share to improve public shareholding in line with regulatory norms. This brought their holding down to 30.42 per cent.

 

Now, Adani Group has sold another 20 per cent stake to Wilmar International at ₹275 per share, amounting to ₹7,150 crore. The remaining shares will be sold to a "set of pre-identified investors," according to Adani Enterprises’ stock exchange filing.

New ownership structure

Following the latest transaction, Wilmar -- through its subsidiary Lence Pte Ltd -- will increase its holding to up to 63.94 per cent, making it the majority shareholder in AWL Agri Business Ltd.

 

Adani Enterprises said: “Lence has agreed to purchase, and ACL has agreed to sell up to a maximum of 25,99,35,721 equity shares representing up to 20 per cent of the issued and paid-up equity share capital of AWL Agri Business Limited... and not less than 142,964,647 shares representing 11 per cent... at ₹275 per share.”

 

Adani and Wilmar had earlier entered into an agreement allowing either party to buy or sell the other's shares in AWL at a mutually agreed price, capped at ₹305 per share. Both previously held 44 per cent each, collectively owning around 88 per cent of the company.

Market response

The 20 per cent stake acquired by Wilmar’s Lence unit is valued at around $832 million, with the shares priced at a 4.8 per cent premium over the company’s previous closing price. Wilmar said in a separate filing that it expects to recognise a gain of $1.23 billion from the deal.

 

AWL Agri shares reacted positively to the news, rising as much as 8.1 per cent during the trading session and closing 6.7 per cent higher on the day.