Adani to exit Adani Wilmar JV; Wilmar International to acquire ~31% held by Adani

• Adani Enterprises will sell ~13% in Adani Wilmar Ltd to achieve minimum public shareholding requirements and Wilmar International has agreed to acquire ~31% held by Adani Enterprises in Adani Wilmar Ltd
• With this, Adani Enterprises will fully exit the Adani Wilmar Ltd platform
• Adani’s nominee directors will step down from the Board of Adani Wilmar
• Parties have agreed to take steps for change of name of ‘Adani Wilmar Ltd’
• The proceeds from the sale will be utilized for turbocharging growth in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry

Adani Enterprises Ltd (AEL), Adani Commodities LLP (ACL, a wholly-owned subsidiary of AEL), and Lence Pte Ltd (Lence, a wholly[1]owned subsidiary of Wilmar International Limited) have entered into an agreement on December 30, 2024 pursuant to which Lence will acquire all the paid-up equity shares of Adani Wilmar Ltd held by ACL as at the date of exercise of the call option or put option, as the case maybe, in respect of a maximum of 31.06% of the existing paid up equity share capital of Adani Wilmar.

In addition, it has been agreed between the parties that AEL will divest ~13% shares in Adani Wilmar to achieve compliance with minimum public shareholding requirements. It may be noted that with completion of these two legs, AEL would completely exit its ~44% holding in Adani Wilmar. As on Friday, December 27, 2024, Adani Wilmar had market capitalization of Rs 42,785 crore ($ 5.0 billion).

In consideration of the above, AEL’s board of directors has adopted a resolution noting the resignation of ACL’s nominee directors from the board of Adani Wilmar.

The parties have agreed to take further steps for change of name of Adani Wilmar. AEL will use the proceeds from the sale to turbocharge its investments in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry. AEL will continue to invest in infrastructure sectors which will further strengthen AEL’s position as India’s largest listed incubator of platforms playing the key macro themes underpinning India’s growth story.

AEL and Wilmar are the founder shareholders of Adani Wilmar and have jointly built the largest Food FMCG player in India, which has won the trust of millions of Indian families. Adani Wilmar is well positioned to benefit from the huge scale of operations, a strong distribution network and retail reach across the length and breadth of India. Adani Wilmar has 100% urban coverage and presence in over 30,600 rural towns in India and exports to over 30 countries globally.

The transaction is subject to customary condition precedents including receipt of applicable regulatory approvals.

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