Adani Enterprises clears air on divestment rumours; says not planning to exit Wilmar joint venture

Media reports had said Adani was planning to sell 44 pc stake in Adani Wilmar

gautam adani

Adani Enterprises, on Thursday, refuted media reports that claimed that the company is planning to sell 44 per cent stake in Adani Wilmar, its FMCG joint venture with Wilmar Group.

"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," the Gautam Adani-owned company said in a regulatory filing.

The company further said in the event of any such development that requires disclosure under Regulation 30 of the SEBI Listing Regulations, Adani Enterprises "will disclose the same in accordance with the regulatory requirements."

A Bloomberg report, on Tuesday, had said the Adani Group was planning to sell 44 per cent stake and would retain only a minority stake in the fast-moving consumer goods maker Adani Wilmar. The Adani Group and Wilmar Group own 44 per cent stake each in Adani Wilmar.

Adani Wilmar had posted a consolidated net loss of Rs 79 in the first quarter. Its revenue from operations fell 12 per cent year-on-year to Rs 12,928 crore, owing to a reduction in edible oil prices.

After the reports of a possible stake sale by Adani came out, shares of Adani Wilmar saw a steep decline. The shares declined 1.11 per cent on Thursday to close at Rs 373.95. The shares of the company have fallen nearly 40 per cent in 2023 so far.

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