Adani Wilmar shares in focus on report Adani group in talks with MNCs to sell entire stake

Shares of Adani Wilmar Ltd will be in focus on Monday morning amid a media report, which quoting executives familiar with the matter suggested the Adani Group was in talks with multiple multinational companies in the consumer goods space to offload its entire 43.97 per cent stake in Adani Wilmar Ltd.

As per the ET report, the owner of packaged grocery and edible oils brand Fortune, could finalise the deal within a month.

To recall, Adani Wilmar recently clocked a consolidated net loss of Rs 131 crore for September quarter, hurt by losses edible oil segment. This was against a profit of Rs 49 crore in the year-ago quarter. Revenue for the Adani group firm had also fallen 13 per cent year-on-year (YoY) to Rs 12,267 crore for the quarter compared with Rs 14,150 crore in the same quarter last year.

The ET report quoting an executive said the Gautam Adani-led group was exiting a few businesses to invest deeply in its core focus areas such as infrastructure, adding that "Plans to disinvest its stake in Adani Wilmar are on these lines. The proceeds from the proposed stake sale is likely to be utilised for investments in other group businesses, and not to pare debt, the ET report suggested.

As per the report, the Adani group promoters were considering stake sales in non-core assets to create a liquidity buffer, after the US-based short-seller Hindenburg Research's scathing report on the group in January this year that triggered a sudden pullout of a proposed share sale in the group flagship Adani Enterprises and resulted in over $150-billion in wealth erosion.

As per the ET report, the ports-to-renewable energy conglomerate is expecting $2.5-3 billion for the stake in the joint venture with Singapore-based Wilmar International, which has 43.97 per cent stake of the company.

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