Adani Group is reportedly considering selling its stake in the food venture with Singapore’s Wilmar International.

The Adani Wilmar partnership was set up in 1999 between the Adani Group company Adani Enterprises and Singapore-listed Wilmar International and is headquartered in Ahmedabad, India.

While the Mumbai-listed venture was an equally split joint enterprise, Bloomberg reported Adani holds 44% and is seeking to raise funds for investment in the group’s ‘core business’.

Adani Wilmar completed an IPO in 2022 after some delays, raising around Rs36bn ($434.7m today). However, under the Securities and Exchange Board of India’s rules, individual or public shareholders must own at least 25% of a business within five years of a listing, Bloomberg noted.

Adani and Wilmar’s stakes account for almost 88% of the joint-venture shares, the news agency said.

Citing sources familiar with the sale plans, Bloomberg said Adani has been exploring offloading its 44% interest for a ‘few months’, putting the value of that stake at about $2.6bn.

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The Adani Group is headed up by chairman Gautam Adani. The billionaire and his family are considering retaining a ‘minority stake in a personal capacity’, Bloomberg said, citing its sources. Meanwhile, Wilmar International may decide to hold onto its interest, they said.

A spokesperson for Wilmar International said in a brief statement sent to Just Food: “We are unable to comment on Adani’s plans with regard to their investment in Adani Wilmar but as far as Wilmar is concerned, we remain committed to this investment.”

Adani Wilmar said in a note filed with the Bombay Stock Exchange today (9 August): “We would like to clarify that we are unable to comment on media speculation and rumours and it would be inappropriate on our part to do so.”

Just Food has also approached the Adani Group for comment outside of Asia business hours. Bloomberg added that a spokesperson declined to comment.

Adani Wilmar is headed up by CEO Angshu Mallick. The joint venture also supplies pulses, flour, edible oils, sugar and rice, including the brands Kohinoor, Fortune and Trophy Royale. It is also present in the home and personal-care products categories. The business runs 23 production plants across ten Indian states, according to its website.

In the year to 31 March, Adani Wilmar reported total revenue of Rs581.8bn, an increase of 7% over the previous 12 months. It posted profit after tax of Rs5.8bn.