Adani Enterprises Limited (BSE:512599) (Adani Group) is in separate talks with Wilmar International Limited (SGX:F34), GQG Partners Inc. (ASX:GQG) and Qatar Investment Authority (QIA) to sell its entire stake in Adani Wilmar Limited (NSEI:AWL) for $2 billion - $2.2 billion, two people aware of the development said. No single entity is expected to acquire the stake on offer, and the Adani group may farm out shares in the edible oils maker to multiple buyers, the people cited above said on condition of anonymity. "Apart from Wilmar, there are at least four global funds who are keen to buy Adani's stake in Adani Wilmar, and the plan is to finalize the deal before the end of FY24," the first person added.
Mint could not ascertain the names of the other two funds. Wilmar and Adani hold 43.97% each in the joint venture (JV). While the Adani group holds the promoter stake through Adani Commodities LLP, the Singaporean edibles giant holds it through Lence Pte.
Ltd. "The (Adani) group is keen to shift focus from non-core ventures such as commodities and retail consumer goods to core infrastructure, energy, ports, logistics and cement businesses," said the first person, adding that Adani Wilmar may be delisted after the transaction. The company's current promoter holding is way above the regulatory limit of 75%, and its new investors may have to work out a plan to bring it in compliance. "Any change in promoter may require a mandatory open offer for acquiring up to 100% stake and subsequently listing at least 25% shares of the firm again to remain compliant and listed.
Or, Wilmar along with others may buy back all shares from the public and delist," the second person added. A spokesperson for Wilmar International declined to comment. Emails sent to Adani group, GQG and QIA spokespersons remained unanswered.