Adani Enterprises Ltd (AEL) announced on Thursday that it has signed an agreement to sell a 20 per cent stake in AWL Agri Business Ltd to Wilmar International’s subsidiary, Lence Pte Ltd, for ₹275 per share. The deal is valued at ₹7,150 crore.
Following this transaction, Wilmar will become the majority shareholder with a 64 per cent stake in AWL. Adani Commodities LLP (ACL), a subsidiary of AEL, currently holds 30.42 per cent in the company.
The sale marks the next step in Adani Enterprises’ plan to divest its entire 44 per cent stake in AWL and exit the FMCG joint venture completely.
Previous Stake Sales and Agreement
In December 2024, Adani Commodities and Lence Pte Ltd entered into an agreement granting options to buy or sell shares of AWL later, with a cap of ₹305 per share. At that time, AEL and Wilmar each held 44 per cent, together owning 88 per cent of the company.
In January 2025, AEL and ACL sold 13.5 per cent of their stake in AWL at ₹276.51 per share, raising ₹4,855 crore. This move aimed to meet minimum public shareholding norms. After that sale, AEL and ACL retained around 30.42 per cent in AWL.
Future Plans and Market Impact
Of this 30.42 per cent, 11 to 20 per cent will now be sold to Lence. The remaining shares will go to strategic partners and investors brought in by Wilmar.
Adani Commodities will sell its last 10.42 per cent stake to identified investors before completing the deal with Lence. After all deals close, Adani Commodities will fully exit AWL, which will cease to be an associate of Adani Enterprises.
AWL shares traded at ₹277.7 apiece on Thursday, up ₹15.2 or 5.7 per cent. Meanwhile, AWL Agri Business posted its highest-ever Q1 revenue at ₹17,059 crore for FY26, up 21 per cent year-on-year.
The edible oil segment led the growth, contributing ₹13,415 crore or 78.6 per cent of total revenue and 61 per cent of the volume mix.
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