Wilmar International takes majority shares of AWL Agri Business
Wilmar’s path to majority ownership began with a 13.5% stake sale by Adani in January 2025.
SINGAPORE – Wilmar International has officially become the majority shareholder of India’s AWL Agri Business Limited, formerly known as Adani Wilmar.
The milestone follows a series of strategic share acquisitions from its long-time joint venture partner, Adani Enterprises, culminating in a controlling stake of approximately 64% in the company.
The transition marks the end of one of India’s longest-running FMCG joint ventures, which began in 1999.
Initially, both Wilmar and Adani held equal stakes of 44% in the venture. However, in December 2024, Adani announced its intention to exit the partnership, refocusing on core infrastructure sectors such as energy, utilities, transport, and logistics.
Wilmar’s path to majority ownership began with a 13.5% stake sale by Adani in January 2025, via an Offer for Sale (OFS), priced at ₹275 (US$3.18) per share. This move reduced Adani’s holding to 30.42%.
In July 2025, Adani sold an additional 20% stake to Wilmar’s wholly owned subsidiary, Lence Pte Ltd, for ₹7,150 crore (US$827.26M), again at ₹275 (US$3.18) per share.
The remaining 10.42% held by Adani is being sold to pre-identified investors, completing Adani’s full exit from AWL Agri.
Despite the ownership shift, AWL Agri’s management remains unchanged, with Angshu Mallick continuing as Managing Director and CEO.
The company operates 24 factories across 15 cities in India and is known for its Fortune-branded edible oils, wheat flour, and other consumer staples.
Additionally, it has a division called Industry Essentials, which includes chemicals and industrial products.
Wilmar’s increased stake aligns with its broader strategy to deepen its presence in India’s fast-moving consumer goods (FMCG) sector.
The company has also recently acquired a 50% stake in a Nigerian edible oils joint venture from PZ Cussons for US$70 million, signalling its intent to expand across emerging markets.
AWL Agri reported strong financials for the first quarter of FY26, with revenue rising 22% to ₹17,059 crore (US$1.98B), driven by higher edible oil realisations.
However, profit after tax dipped 24% to ₹238 crore (US$27.56M), attributed to muted consumer demand and consolidation of regional rice operations.
With Wilmar now at the helm, AWL Agri expects a new chapter of growth, innovation, and strategic partnerships, anchored by Wilmar’s global expertise and deep roots in agribusiness.
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