Adani exits AWL Agri for Rs 10,874 crore, Wilmar becomes majority owner with 64% stake

The Adani Group has officially exited AWL Agri Business, formerly Adani Wilmar, by selling its remaining stake for Rs 10,874 crore to Singapore-based joint venture partner Wilmar International. This brings to an end one of India’s longest-running FMCG joint ventures, launched in 1999. Wilmar will now hold a 64% controlling stake in the company, up from 44%, marking a complete transfer of control.

Adani Commodities, a subsidiary of Adani Enterprises, currently holds 30.42% in AWL Agri. Of this, 20% will be sold to Lence Pte Ltd — Wilmar’s Singapore unit — at Rs 275 per share for Rs 7,150 crore. The remaining 10.42% will go to a set of undisclosed, pre-identified investors. Once the transaction is completed, Adani’s role in the consumer agri business will end entirely, aligning with its broader strategy to refocus on core infrastructure verticals.

The strategic exit follows a move initiated in December 2024, when Adani announced its intent to divest from the fast-moving consumer goods (FMCG) sector. That plan began with a 13.5% stake sale via an Offer for Sale (OFS) in January 2025, raising ₹4,855 crore at ₹276.51 per share. Including the latest transaction, Adani will have realised a total of ₹15,729 crore from its full divestment in AWL Agri.

Despite the ownership change, the company’s management remains unchanged, with Angshu Mallick continuing as MD & CEO. On Thursday, shares of AWL Agri rallied over 8% to hit ₹283.85 before closing at ₹279.65 on the BSE, up 6.6% from the previous close.

The Adani-Wilmar JV, which had both partners holding about 44% each, had entered into a December 2024 agreement giving them mutual options to buy or sell shares, with a cap price of ₹305 per share. The latest transaction with Wilmar’s unit Lence Pte Ltd completes this process.

The Adani Group plans to use the proceeds from the sale to strengthen investments across infrastructure, energy, utilities, logistics, and adjacent sectors such as real estate and construction. The move reinforces Adani’s long-term strategy of consolidating its focus around capital-intensive and infrastructure-led growth sectors.