Adani Enterprises to exit Wilmar joint venture in $2 billion deal

Adani Enterprises will sell its 44% stake in Adani Wilmar Ltd to Wilmar International for $2 billion, exiting their 25-year joint venture. This move will make Adani Wilmar a subsidiary of Wilmar and allow Adani to focus on infrastructure investments. The sale will occur in two parts, with Adani first offloading 13% to meet public shareholding norms, followed by a 31% stake to Wilmar. This will increase Wilmar's ownership from 44% to nearly 75%. Adani Wilmar will undergo a name change and has seen its shares fluctuate, closing at Rs 329.50. Adani Enterprises' stock rose 7.65% to Rs 2,593.45 following the announcement.