<p>Bengaluru: Adani Enterprises Limited (AEL), the flagship company of Adani Group, said on Monday that it will exit from the joint venture (JV) of its consumer goods arm - Adani Wilmar. AEL’s current 44% stake in Adani Wilmar is valued at $2 billion.</p><p>In an exchange filing, AEL said that it will start with divesting 13% stake in Adani Wilmar to achieve compliance with minimum public shareholding requirements. Meanwhile, the remaining stake lies with Lence Pte., a unit of Wilmar International and both the companies have agreed upon selling the remaining 31% stake to the Singaporean JV partner. </p><p>“AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics and other adjacencies in primary industry,” it said.</p>.Adani Wilmar sees 10% total volume growth in Q2; Food & FMCG segment grows 31%.<p>Post the transaction, Adani Enterprises' board of directors will step down from the board of Adani Wilmar. Pranav V Adani, director of AEL and nephew of group founder and chairman Gautam Adani, and Malay Mahadevia will resign from the board upon execution of the agreement. </p><p>Both the companies have also agreed over the change of name of ‘Adani Wilmar Ltd’. The transaction is expected to conclude before March 31, 2025.</p><p>The exit comes amid growing legal challenges and scrutiny of the group’s founder Gautam Adani is facing in the US, where prosecutors have alleged that the billionaire paid bribes worth $265 million (Rs 2,029 crore) to Indian officials in various states to bag solar power contracts for Adani Green Energy Ltd</p>.Adani Wilmar shares bounce 10%; hit upper circuit limit.<p>While Adani has denied any charges, rating agencies have cited this as a potential risk to fund raising for the company. In November, Moody’s slashed the outlook of seven of the Adani conglomerate companies to negative from stable, citing its access to funding. </p><p>This will also make it difficult for the company to tap markets to collate funds for its varied investments. Adani Green Energy had also scrapped a $600 million green bond sale soon after the US indictment in November. </p><p>Adani Enterprises' current market capitalisation is Rs 2.99 lakh crore. Its shares closed up 7.65%, on Monday on Bombay Stock Exchange. On the other hand, Adani Wilmar whose market cap is Rs 42,714 crore, closed down 0.17%. </p>.Adani Wilmar stock jumps 5% after flagship firm demerges food-FMCG business.<p>The development was followed by a change in the leadership of Adani Green Energy Limited (AGEL) wherein the current chief executive officer (CEO) Amit Singh will step down from his position, effective 31 March 2025 and will take up the role of International Energy Business of the Adani Group.</p><p>"Ashish Khanna, who is currently CEO of the International Energy Business of Adani Group, is appointed as AGEL’s new CEO, effective 1 April 2025," the company said in an exchange filing.</p>
<p>Bengaluru: Adani Enterprises Limited (AEL), the flagship company of Adani Group, said on Monday that it will exit from the joint venture (JV) of its consumer goods arm - Adani Wilmar. AEL’s current 44% stake in Adani Wilmar is valued at $2 billion.</p><p>In an exchange filing, AEL said that it will start with divesting 13% stake in Adani Wilmar to achieve compliance with minimum public shareholding requirements. Meanwhile, the remaining stake lies with Lence Pte., a unit of Wilmar International and both the companies have agreed upon selling the remaining 31% stake to the Singaporean JV partner. </p><p>“AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy and utility, transport and logistics and other adjacencies in primary industry,” it said.</p>.Adani Wilmar sees 10% total volume growth in Q2; Food & FMCG segment grows 31%.<p>Post the transaction, Adani Enterprises' board of directors will step down from the board of Adani Wilmar. Pranav V Adani, director of AEL and nephew of group founder and chairman Gautam Adani, and Malay Mahadevia will resign from the board upon execution of the agreement. </p><p>Both the companies have also agreed over the change of name of ‘Adani Wilmar Ltd’. The transaction is expected to conclude before March 31, 2025.</p><p>The exit comes amid growing legal challenges and scrutiny of the group’s founder Gautam Adani is facing in the US, where prosecutors have alleged that the billionaire paid bribes worth $265 million (Rs 2,029 crore) to Indian officials in various states to bag solar power contracts for Adani Green Energy Ltd</p>.Adani Wilmar shares bounce 10%; hit upper circuit limit.<p>While Adani has denied any charges, rating agencies have cited this as a potential risk to fund raising for the company. In November, Moody’s slashed the outlook of seven of the Adani conglomerate companies to negative from stable, citing its access to funding. </p><p>This will also make it difficult for the company to tap markets to collate funds for its varied investments. Adani Green Energy had also scrapped a $600 million green bond sale soon after the US indictment in November. </p><p>Adani Enterprises' current market capitalisation is Rs 2.99 lakh crore. Its shares closed up 7.65%, on Monday on Bombay Stock Exchange. On the other hand, Adani Wilmar whose market cap is Rs 42,714 crore, closed down 0.17%. </p>.Adani Wilmar stock jumps 5% after flagship firm demerges food-FMCG business.<p>The development was followed by a change in the leadership of Adani Green Energy Limited (AGEL) wherein the current chief executive officer (CEO) Amit Singh will step down from his position, effective 31 March 2025 and will take up the role of International Energy Business of the Adani Group.</p><p>"Ashish Khanna, who is currently CEO of the International Energy Business of Adani Group, is appointed as AGEL’s new CEO, effective 1 April 2025," the company said in an exchange filing.</p>