NEW DELHI: Billionaire Gautam Adani's group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over USD 2 billion.
In a statement, Adani Enterprises Ltd said it will sell a 31.06 per cent stake to Wilmar International. Another 13 per cent will be sold in the open market to meet minimum public shareholding requirements.
It, however, did not give the price at which it was selling the stake.
"With this, AEL will fully exit Adani Wilmar Ltd," it said.
"Adani's nominee directors will step down from the board of Adani Wilmar Ltd."
The transaction is likely to conclude before March 31, 2025.