Wilmar unit to acquire 13% of Mumbai-listed joint venture with Adani

The 46.5 billion rupee purchase will be funded by internal sources and bank borrowings

A unit of agri-specialist Wilmar International will acquire 13 per cent of the shares held by India’s Adani Commodities in the two companies’ joint venture (JV), for 275 rupees per share.

This translates to a total purchase price of 46.5 billion rupees (S$683.4 million), to be funded by internal sources and bank borrowings.

Wilmar previously announced that its wholly owned unit Lence would purchase a maximum of 259.9 million shares – or a stake of up to 20 per cent – in the Mumbai-listed JV, AWL Agri Business.

This came after Adani Commodities announced its exit from the JV, formerly known as Adani Wilmar, in December 2024.

Lence expects to complete the 13 per cent stake purchase in November, after which it will hold 56.9 per cent of AWL’s existing paid-up equity share capital.

Wilmar expects to recognise a gain on deemed disposal of an associated company of US$1.2 billion, with a corresponding US$1.3 billion increase in net assets.

SEE ALSO

The group will also recognise a negative net tangible assets value attributable to AWL of US$0.4 billion, based on the JV’s unaudited financial statements as at Jun 30.

Wilmar shares ended Tuesday at S$3.34, up by S$0.04 or 1.2 per cent.

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.