Adani to exit Wilmar joint venture AWL Agri in $1.3 billion deal

A unit of India's Adani Enterprises will exit AWL Agri Business, its joint venture with Singapore's Wilmar, for Rs 10,874 crore ($1.27 billion), the conglomerate said on Thursday.

Adani Commodities, which holds a 30.42 per cent stake in the consumer goods JV, will sell an up to 20 per cent stake to Wilmar unit Lence, and the rest to "a set of pre-identified investors," Adani Enterprises said, without elaborating.

Adani Commodities will sell its shares to Lence at Rs 275 apiece, according to an exchange filing.

Wilmar, through Lence, will hold an up to 63.94 per cent stake in AWL Agri after the share sale is completed.