Adani Group in talks to sell its entire 43.97% stake in Adani Wilmar: Report
Economic Times. The billionaire Gautam Adani-led group holds 43.97% stake in Adani Wilmar, the company which sells a range of edible oils and food products under Fortune brand.
As per the newspaper report, Adani Group is in talks with a number of multinational consumer goods companies to exit the joint venture and the deal is expected to close within a months time, executives told ET. Also Read: SBI share price gains after Q2 results beat estimates; Should you buy, sell or hold the stock? Earlier this year, there were media reports which had said that the flagship company of the ports-to-power conglomerate was planning to sell its stake in Adani Wilmar.
However, Adani Enterprises had denied reports of exiting Wilmar Ventures. “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," said Adani Enterprises had said in an exchange filing.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Adani Wilmar is an equal joint venture between business conglomerate Adani Group and Singapore-based Wilmar International wherein both hold 43.97% stake each. Meanwhile, the Edible oil major on November 1 released its Q2 results wherein the company reported a consolidated net loss of ₹130.73 crore for the September 2023 quarter, as profitability was badly impacted in the cooking oil business.
The company had posted a net profit of ₹48.76 crore in the year-ago period. Read here: Adani Wilmar Q2 Results: Adani group firm posts net loss of ₹131 crore; revenue down 13% YoY; stock falls The
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