Adani Enterprises has effectively denied the Indian conglomerate plans to sell its stake in a joint venture with Singapore’s Wilmar International.

Speculation surfaced this week that the parent company, Adani Group, headed up by chairman Gautam Adani, was mulling the disposal of the 44% interest in the Adani Wilmar venture to raise funds for capital purposes.

Billionaire Adani and his family were said to be considering retaining a ‘minority stake in a personal capacity’. Adani Wilmar was set up in 1999 by Adani Enterprises and the Singapore group to produce and supply snacks, rice, pulses, flour, edible oils and sugar, as well as home and personal-care products.

However, in a notice posted with the Bombay Stock Exchange (BSE) today (10 August), Adani Enterprises refuted the claims.

The filing, signed off by Jatin Jalundhwala, the company secretary and legal joint president, read: “We would like to clarify that as of now, there is no such event concerning the media report, which requires any disclosure from the company side in accordance with the Regulation 30 of SEBI Listing Regulations.”

Adani Wilmar completed an IPO in 2022 after some delays, raising around Rs36bn ($435.5m today). However, under rules set by the Securities and Exchange Board of India (SEBI), individual or public shareholders must own at least 25% of a business within five years of a listing, Bloomberg reported this week.

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Adani Enterprises added today: “In the event there is any development that requires disclosure under the Regulation 30 of the SEBI Listing Regulations, we will disclose the same in accordance with the regulatory requirements.”

Meanwhile, Adani Wilmar also filed a note with the BSE yesterday: “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.”

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 is headed up by CEO Angshu Mallick and owns the rice brands Kohinoor, Fortune and Trophy Royale. 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.