Adani Enterprises says no planned event on Wilmar stake sale report

economictimes.indiatimes.com:

Adani Enterprise had said there was no major event that requires a regulatory disclosure, a day after Bloomberg News reported the flagship company of the Adani group was exploring selling its 44% stake in unit Adani Wilmar. The report, citing people familiar with the matter, had said billionaire Gautam Adani and his family may retain a minority stake following a stake sale in its $6 billion consumer staple joint venture with Wilmar International.

Earlier this month, Adani Wilmar reported a 12 per cent yearly decline in consolidated revenue during April-June 2023 quarter at Rs 12,928 crore. The company said the decline in revenue during the quarter was reflective of a steep decline in edible oil prices.

The food and FMCG segment recorded a strong revenue growth of 28 per cent year-to-year to record close to Rs 1,100 crores of the total. “Both urban and rural areas have witnessed strong demand,” the Adani Group company said in a release.

The company said it kept its focus on expanding the distribution of both oil and food products. “We have regained the momentum in our edible oil business with the decline in the edible oil prices.

The soft prices of edible oil are expected to augur well for the industry,” said Angshu Mallick, MD and CEO, Adani Wilmar. In line with the decline in international prices and the continuous policy interventions made by the central government, edible oil prices in India have declined considerably.