CAM, Khaitan & Co act on Adani Group's exit from Adani Wilmar in $ 2 Billion deal

Cyril Amarchand Mangaldas (CAM) and Khaitan & Co acted on Adani Group's exit from Adani Wilmar by sale of its 31.06% equity stake in Adani Wilmar Limited to Singapore based Lence Pte. Ltd (Wilmar) for $ 2 Billion.

The transaction is being led by Partners Anchal Dhir and Jay Parikh, with support from Principal Associate Ayushi Toshniwal. Partner.

Head of Competition practice, Avaantika Kakkar, is advising on competition-related aspects of the deal. Partner Devaki Mankad, along with Principal Associate Mansi Jhaveri, is advising on capital markets matters related to the transaction.

The agreement for the transaction was signed on December 30, 2024.

Khaitan & Co has acted as legal advisors to the Wilmar Group on its proposed acquisition of up to 31.06% stake in Adani Wilmar Limited.

The core team that worked on the ransaction consisted Karun Cariappa (Partner), Abhishek Dadoo (Partner), Gaurav Malhotra (Counsel), and Gaurang Mansinghka (Associate).

Specialised aspects of the deal were overseen by distinct teams. Tax-related matters were managed by Rahul Jain (Director) and Naveen Keshwani (Associate).

Capital market-related issues were addressed by Abhimanyu Bhattacharya (Partner), while competition law considerations were handled by a team led by Anshuman Sakle (Partner), with support from Alisha Mehra (Principal Associate), Tanveer Verma (Principal Associate), Ritika Ghosh (Associate), and Sana Vaidya (Associate).

In December 2024, the Adani Group announced its decision to exit Adani Wilmar Limited (AWL), its consumer goods joint venture with Singapore's Wilmar International. The group plans to divest its entire 44% stake in AWL through a $2 billion deal.

Specifically, a 31% stake will be sold to Wilmar International at a per-share price not exceeding ₹305, amounting to approximately $1.44 billion. The remaining 13% stake is expected to be offloaded in the open market to comply with India's minimum public shareholding requirements.

 The transaction is expected to be completed by March 2025.

The proceeds from this sale are expected to be channeled towards strengthening Adani Enterprises' core infrastructure businesses, including energy, utilities, transport, and logistics.

Adani Wilmar is a leading FMCG company in India, formed as a 50:50 joint venture between the Adani Group and Wilmar International. The company primarily focuses on edible oils, food products, and other FMCG goods. It operates under the popular "Fortune" brand, known for its range of edible oils, including sunflower, soyabean, and rice bran oil. Adani Wilmar also produces and distributes a wide variety of food products, including rice, wheat flour, pulses, and spices.

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