Bengaluru: The Adani Group will sell its stake in consumer goods firm Adani Wilmar to joint venture partner Wilmar International for 123.14 billion rupees ($1.44 billion) as the Indian conglomerate sharpens its focus on infrastructure projects.
Adani Enterprises, the group’s flagship company, will sell a 13% stake in Adani Wilmar to comply with India’s minimum public shareholding requirements.
Singapore’s Wilmar will acquire Adani’s remaining 31% stake at a price not exceeding 305 rupees per share, the billionaire Gautam Adani-led firm said in a statement on Monday.
The proceeds from the sale will be used to boost growth in the core infrastructure platforms in segments such as energy, utility, transport and logistics, it added.
The transaction is subject to customary condition precedents including receipt of applicable regulatory approvals, it said.
($1 = 85.5260 Indian rupees)
(Reporting by Hritam Mukherjee and Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman and Mrigank Dhaniwala)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
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