Adani Group denies reports of exiting $6 billion Adani Wilmar JV

Adani Group, on Thursday, denied and issued a clarification on reports of the conglomerate selling its 44 per cent stake in its JV with Wilmar Group in Adani Wilmar. The FMCG company, Adani Wilmar, is valued at $6.17 billion.

The conglomerate, led by Chairman Gautam Adani, said in a filing that there is “no such event concerning the media report”.

“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 in accordance with the Regulation 30 of SEBI Listing Regulations. In the event there is any development that requires disclosure under the Regulation 30 of the SEBI Listing Regulations, we will disclose the same in accordance with the regulatory requirements,” said the company in response to a clarification that was sought from Adani Group on the reports.

It was earlier reported that the company is focusing on its core businesses and is aiming to shore up investments.

The reports had stated that Gautam Adani and his family could retain a minority stake, while Wilmar could retain its stake. Adani Enterprises might decide to keep its stake, reports stated. However, deliberations were said to be in the early stage.

Adani Wilmar, known for its range of kitchen essentials such as edible oil, wheat flour, rice, pulses and sugar, reported a loss of Rs 79 crore in the first quarter ended June 2023. Its EBITDA slipped 64 per cent and gross profit dipped 21 per cent in the first quarter.

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