India's Adani group will exit the consumer goods joint venture with Singapore's Wilmar International in a deal valued at $2 billion as the Indian conglomerate focuses on core infrastructure business.

Gautam Adani’s group announced its complete exit from Adani Wilmar Ltd (AWL) on Monday (30 December), selling its entire 43.94 per cent stake in the Fortune brand FMCG joint venture to Singapore-based Wilmar International and through an open market sale.

Adani Enterprises plans to raise over $2 billion by fully exiting its joint venture with Adani Wilmar. Read this article to know more!

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.

SINGAPORE: India’s Adani Group has announced its decision to exit its consumer goods joint venture with Singapore-based Wilmar International in a deal valued at $2 billion. The divestment aligns with the Indian conglomerate’s focus on its core infrastructure business.

Adani Enterprises plans to sell around 13% of its stake to meet public shareholding norms, while Wilmar International will purchase the remaining 31% stake.

Adani Enterprises has pulled back from the joint venture to focus on its core businesses including energy, utilities, transport and logistics

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 Wilmar exports products such as rice, castor oil and oleochemicals to over 30 countries. Read more at straitstimes.com.