Amid the reports of the Adani Group aiming to focus on its core business and increase its liquidity, a news agency has reported that the conglomerate is looking forward from Adani-Wilmar, its consumer staple joint-venture with Wilmar International.
As per the reports by Bloomberg, the Adani group is considering the sale of its 44 per cent stake in Adani Wilmar, which is currently valued at $6.17 billion.
Chairman of the group, Gautam Adani and his family could retain a minority stake post the sale in a personal capacity.
However, the reports have suggested that the Adani Enterprises might not sell its stake at all as the deliberations are yet at early stage.
The FMCG joint venture between Adani Group and Wilmar Group was incorporated in 1999 with products such as essential kitchen items including edible oil, wheat flour, pulses, rice, and sugar. As of now, the company has 23 plants across 10 stated in India with edible oil brand Fortune as their flagship brand.
Adani Wilmar registered a loss of Rs 79 crore for the first quarter ended June 2023. Compared to the EBIDTA of Q1 in last fiscal year at Rs 443 crore, for the current Q1 it slipped by 71 per cent reaching Rs 130 crore.
