Adani Enterprises Transfers a 20% Ownership in Its Agriculture Venture, AWL Agri, to Wilmar International
**Adani Enterprises Exits AWL Agri Business in Staged Divestment**
Adani Enterprises Ltd (AEL) has completed its exit from AWL Agri Business Ltd, marking the end of its longstanding FMCG joint venture with Wilmar International. This strategic move, which began in December 2024, unfolded in phases over the course of 2025.
In January 2025, AEL sold a 13.5% stake through an Offer for Sale (OFS), raising Rs 4,855 crore at around Rs 276.51 per share. The latest transaction, which took place in July 2025, involves the sale of the remaining 30.42% stake. Adani Commodities LLP (ACL), a subsidiary of AEL, will sell 20% of its holding to Wilmar International’s wholly owned subsidiary, Lence Pte Ltd, for Rs 275 per share, amounting to Rs 7,150 crore. The remaining 10.42% stake will be sold to pre-identified investors before the transaction with Lence is completed.
With these transactions, ACL will fully exit AWL Agri Business, which will no longer be an associate company of Adani Enterprises. The sale was done to meet minimum public shareholding requirements and make more of the company’s shares owned by the public. After this latest deal, Wilmar will become the majority shareholder, with a 64% holding in AWL.
The growth in AWL's Q1 revenue was mainly driven by its edible oil business, which grew 26% year-on-year. In Q1 FY26, the edible oil business contributed Rs 13,415 crore, making up 78.6% of total revenue and 61% of the overall volume mix. AWL Agri Business reported its highest-ever Q1 revenue at Rs 17,059 crore for FY26, up 21% from the same quarter last fiscal.
The strategic partners and investors that Wilmar will bring in will acquire the balance of the 30.42% stake after selling to Lence. In December 2024, ACL and Lence Pte. Ltd entered into an agreement, giving each other the option to buy or sell AEL/ACL’s shares in AWL later, at a price they both agree on, but not more than Rs 305 per share.
The exit aligns with Adani’s broader focus shift from FMCG to infrastructure, funded by the Rs 15,729 crore raised through the total divestment. AEL/ACL sold 13.5% of its shareholding in AWL in January 2025, raising Rs 4,855 crore, and the recent transaction in July 2025 effectively achieves the complete exit from AWL Agri Business.
On the day of the latest deal announcement, AWL's stock was trading at Rs 277.7 apiece, up by Rs 15.2 or 5.7% compared to its previous price. The complete exit was effectively achieved by July 2025, following the staged share sales that started in December 2024 and culminated in the transfer of the remaining shares to Wilmar's subsidiary and other investors in mid-2025.
[1] Business Standard, Adani Enterprises to sell 20% stake in AWL Agri for Rs 7,150 cr, July 2025. [2] Economic Times, Adani Enterprises exits AWL Agri Business, July 2025. [3] Livemint, Adani Enterprises sells 13.5% stake in AWL Agri for Rs 4,855 cr, January 2025.
Business Standard's report in July 2025 stated that Adani Enterprises plans to shift its focus from the FMCG sector to infrastructure, with the proceeds from the sale of its 20% stake in AWL Agri Business to Wilmar International's subsidiary, Lence Pte Ltd. This move is an extension of the strategic exit initiated in December 2024, aimed at raising capital for investing in other business ventures, particularly in the real-estate and infrastructure sectors.
The economic Times' coverage of the same transaction, also in July 2025, highlighted that the sale of the remaining 30.42% stake in AWL Agri Business brought Adani Enterprises' involvement in the joint venture to a close, transforming AWL from an associate company into an independent entity in the realm of real-estate and agriculture, now with Wilmar International as its majority shareholder.
