Adani Enterprises Limited (AEL) has announced its complete exit from AWL Agri Business Limited (formerly Adani Wilmar Limited), transferring its shareholding to long-time joint venture partner Wilmar International of Singapore.
The move marks a significant reshaping of ownership in one of India’s leading agri-business companies.
In a disclosure to stock exchanges on July 17, 2025, Adani Enterprises confirmed that its subsidiary Adani Commodities LLP (ACL) has executed a Share Purchase Agreement (SPA) with Lence Pte. Ltd., a wholly owned arm of Wilmar International. Under this deal: Wilmar will acquire up to 20% of AWL’s paid-up equity share capital from ACL, at a price of ₹275 per share. A minimum of 11% stake (approx. 14.3 crore shares) is committed for sale. The final stake to be acquired will be determined at Wilmar’s discretion, up to the agreed cap of 20%.
This development follows an earlier offer for sale conducted in January 2025, where ACL offloaded 13.5% of its stake in AWL at ₹276.51 per share to meet SEBI’s minimum public shareholding (MPS) requirement. Post that sale, ACL’s shareholding stood at 30.42%.
Strategic Exit and Realization
Upon consummation of the current transaction: Adani will fully exit AWL, marking the end of its joint venture with Wilmar that began in 1999. Wilmar will become the majority shareholder in AWL with a 64% stake. AEL will realize a total of ₹15,729 crore through both stake sales-₹4,855 crore from the January OFS and ₹10,874 crore from the latest sale. Any remaining shares not purchased by Wilmar (within the 20% cap) will be offered to pre-identified strategic investors.
Termination of Legacy Agreements
The share sale also leads to the formal termination of all legacy shareholder agreements between Adani and Wilmar, including those signed in 1999, 2014, 2017, and 2021. These agreements previously governed rights such as board representation and capital structure restrictions.
The Road Ahead for AWL
With Wilmar now firmly in the driver’s seat, AWL Agri Business Limited is expected to undergo strategic realignment as it charts its next phase of growth under singular leadership. The consolidation of ownership may offer operational clarity and strengthen Wilmar’s long-term commitment to the Indian agri and FMCG markets.