Adani Enterprises to Exit Adani Wilmar JV, Selling ~13% Shares to Wilmar International

Adani Enterprises Ltd (AEL) has entered into an agreement with Wilmar International to sell its ~44% holding in Adani Wilmar Ltd. AEL will sell ~13% of its shares in Adani Wilmar to Wilmar International to achieve minimum public shareholding requirements. Wilmar International will acquire ~31% held by AEL in Adani Wilmar. The proceeds from the sale will be utilized for turbocharging growth in the core infrastructure platforms in energy & utility, transport & logistics and other adjacencies in primary industry. The transaction is subject to customary condition precedents including receipt of applicable regulatory approvals.