Wilmar International acquires majority control of AWL Agri as Adani exits
Wilmar expands stake in Indian agri-food firm AWL Agri, marking Adani’s complete withdrawal from the joint venture.
INDIA – Wilmar International has acquired the remaining 20 percent stake in AWL Agri Business Limited from Adani Enterprises in a deal valued at Rs 7,150 crore (approximately US$857 million), completing its transition to majority ownership.
The transaction was executed at Rs 275 (US$3.19) per share.
The acquisition comes after Adani’s earlier sale of a 13.5 percent stake in January 2025 through an Offer for Sale (OFS) at the same price.
Wilmar International now holds a controlling stake of around 64 percent in AWL Agri Business Limited, following this latest development.
This move signals the end of a long-standing joint venture between Adani Enterprises and Wilmar International. The partnership, previously operating under the name Adani Wilmar Limited, was formally restructured in December 2024.
Wilmar had already agreed to acquire 31.1 percent of the business when Adani announced its decision to divest and refocus on core sectors such as energy, utilities, transport, and logistics.
The remaining 10.4 percent held by Adani Enterprises is expected to be transferred to a group of pre-identified investors.
Wilmar stated that it would “endeavour to bring in strategic partners/identified investors” for any portion of the remaining stake that it does not retain, which would result in a final shareholding between 54.9 percent and 63.9 percent.
Headquartered in Ahmedabad and established in 1999, AWL Agri operates 24 factories across 15 cities.
The company manages three primary business segments: edible oils, a diverse food and FMCG division, and an industrial unit that produces chemicals and other essential inputs.
AWL Agri recently reported its financial results for the first quarter ending June 2025. Revenue rose 22 percent year-on-year to Rs 17.06 billion, despite a 2 percent decline in overall volumes.
The company attributed the volume dip to the consolidation of its regional rice business and soft consumer demand. Profit after tax declined 24 percent to Rs 238 million.
Wilmar International also expanded its global footprint last month by acquiring PZ Cussons’ 50 percent stake in their Nigerian edible-oils joint venture for US$70 million in cash.
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