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Adani Enterprises, the flagship entity of Adani Group, is considering exiting its JV with Wilmar International by selling its 44% stake, currently worth about $2.6bn, in the JV. This sale would free up capital for Adani Group’s core business, as per reports. The JV, which offers many essential kitchen commodities for Indian consumers like edible oils and sugar, raised roughly $435mn in an IPO in 2022, with Adani’s and Wilmar’s stakes combined making up nearly 88% of the company’s shares. The company reported a net loss of roughly $9.5mn for Q2 2023 due to falling edible oil prices and high-cost inventory. The group’s chairperson Gautam Adani and his family may retain a minority stake in a personal capacity if the sale goes through, while Wilmar may decide to retain its stake in the business.
Adani’s 4.375% 2024s are currently trading stable at 93.9 cents on the dollar, yielding 10.5%.
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