Adani Wilmar, a joint venture between India's Adani Group and Singapore's Wilmar Group, is exiting the edible oil business. The company, known for its edible oil and food products under the 'Fortune' brand, has decided to sell its 43.94% stake in the venture.

Out of this, Wilmar Group will purchase 31.06%, raising its total stake to 75%. The purchase price for each share will not exceed Rs 305.

After the sale, Adani Group will hold a reduced 12.88% stake, which it plans to sell in the market to comply with the Minimum Public Holding (MPS) requirements.

This exit is expected to generate approximately $2 billion for Adani Group. Wilmar Group will continue to look for investors to help drive the company's future growth.

In connection with the deal, two senior executives from Adani Wilmar, Pranav V Adani and Malay Mahadevia, have resigned. Their roles had previously represented Adani Commodities Ltd., a subsidiary of Adani Enterprises.

For the financial year 2023-24, Adani Wilmar reported total revenue of Rs 49,242 crore and a net profit of Rs 272.16 crore.

The deal also affects the stake distribution, with Wilmar Group's subsidiaries now holding an equal share of 43.94% each in the venture. However, Wilmar can only start buying shares from Adani Group once the MPS requirement of 25% public holding is fulfilled.