Adani Group's Strategic Move to Sell Stake in Adani Wilmar

In a significant development, the Adani Group, led by Gautam Adani, has decided to sell its 44% stake in Adani Wilmar to Wilmar International of Singapore for a whopping $2 billion. This move is aimed at freeing up capital to meet the group's liquidity needs for its core infrastructure business.

Details of the Deal

Of the 44% stake, Wilmar will acquire 31% at Rs 305 per share, which will increase its holding in the Mumbai-listed Adani Wilmar to 75%. The remaining 13% will be offered to the public, marking the end of the Adani Group's 25-year presence in the staples sector. Following this transaction, key figures such as Pranav Adani and Malay Mahadevia have stepped down from Adani Wilmar's board.

Implications and Future Directions

This sale comes amidst allegations of securities and wire fraud against Gautam Adani by US authorities, which the group has firmly denied. The proceeds from this deal are expected to bolster the group's primary infrastructure operations, following the earlier sale of its financial services business to Bain Capital. The company is set to be renamed, reflecting its new ownership and focus.