Singapore-based Wilmar International on Tuesday said its subsidiary Lence Pte Ltd has agreed to acquire a 13% stake in Adani Wilmar Ltd’s (AWL) Agri Business from Adani Commodities LLP for Rs 4,650 crore (approximately $529 million).
In a regulatory filing, Adani Wilmar said the transaction follows a share purchase agreement (SPA) executed on July 17, 2025, between Adani Commodities LLP, Adani Enterprises Ltd (as a confirming party), and Lence Pte Ltd.
Under the SPA, Lence has agreed to purchase between 142.96 million and 259.93 million equity shares, representing 11% to 20% of AWL’s issued and paid-up capital, at a price of Rs 275 per share. The final number of shares to be purchased will be determined at Lence’s discretion.
The Competition Commission of India (CCI) granted its approval for the deal on November 11, 2025, Wilmar said, adding that the completion of the transaction is subject to the fulfillment of other conditions outlined in the SPA.
Also, fair trade regulator Competition Commission of India (CCI) on Tuesday approved Wilmar International’s proposal to acquire up to 20 per cent stake in AWL Agri Business Ltd from the Adani Group.
The clearance comes months after the Adani Group announced in July 2025 its plan to divest a 20 per cent stake in AWL Agri Business (formerly Adani Wilmar Ltd) to Singapore-based Wilmar International for Rs 7,150 crore, as part of its broader strategy to exit the FMCG segment and focus on its infrastructure portfolio.
Wilmar International, through its subsidiary Lence Pte Ltd, is acquiring the stake in AWL Agri Business Ltd. “The proposed transaction involves acquisition of up to a maximum of 20 per cent of the paid-up equity share capital, and a minimum of 11 per cent of the paid-up equity share capital of the target (AWL Agri Business) by the acquirer (Lence Pte Ltd),” the regulator said in a release.
Wilmar, through Lence Pte, currently holds a 43.94 per cent equity stake in AWL Agri Business. After the completion of the deal, Lence’s holding will rise to between 54.94 per cent and 63.94 per cent, the CCI noted.
“CCI approves proposed acquisition of 11 per cent to 20 per cent of shareholding of the AWL Agri Business Ltd by Lence Pte Ltd,” the competition watchdog said in a post on X.
Founded in 1991, Singapore-headquartered Wilmar International is Asia’s leading agribusiness group and does not have a direct business presence in India except through AWL Agri Business and Shree Renuka Sugars Ltd (SRS). SRS is engaged in the business of milling, refining, and selling sugar.
In December 2024, the Adani Group had announced its plan to divest its entire 44 per cent stake in AWL to sharpen its focus on core infrastructure operations.
Adani Enterprises later informed that its Board had approved the execution of a share purchase agreement among itself, Adani Commodities LLP (ACL), and Lence, part of the Wilmar Group. As per the agreement, ACL will sell up to 20 per cent stake in AWL Agri Business to Lence at Rs 275 per share, valuing the transaction at Rs 7,150 crore.
Deals above a certain threshold require clearance from the regulator, which monitors anti-competitive practices and ensures fair market operations.
Last week, AWL Agri Business reported a 21 per cent decline in its consolidated net profit to Rs 244.85 crore for the September quarter, compared to Rs 311.02 crore in the year-ago period. Total income, however, rose to Rs17,525.61 crore from Rs 14,552.04 crore in the same period last year, the company said in a filing.
*With Agency Inputs
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