The Adani Group is planning to sell its entire stake in Adani Wilmar, the joint venture between the Gautam Adani-led group and Singapore-based Wilmar Group.
According to an Economic Times report, Adani Group is in talks with various multinational consumer goods companies to sell its entire 43.97 per cent stake in Adani Wilmar.
While the ports-to-power conglomerate is yet to comment on the report, an executive of the company had said the group is planning to exit a few businesses to invest more deeply in core focus areas such as infrastructure. "Plans to disinvest its stake in Adani Wilmar are on these lines," ET had quoted the executive as saying.
The proceeds from the deal, which is expected to be finalised in a month, will be invested in other businesses of the group, the ET report said.
Adani Wilmar sells edible oil and other food products under the Fortune brand. The company had reported a consolidated net loss of Rs 130.73 crore for the September quarter. Its total income also fell to Rs 12,331.20 crore during the July-September period from Rs 14,209.20 crore in the corresponding period of the previous year.
Shares of Adani Wilmar declined nearly two per cent to Rs 311.50 following the news.