Adani Enterprises recently made the decision to cancel its demerger plan of the food FMCG business to Adani Wilmar, which would have provided the Adani group promoters with control over the company. The cancellation of this demerger plan was a result of the company's board aiming to comply with the minimum public shareholding (MPS) requirement, thus needing to withdraw the arrangement with Adani Wilmar (AWL).
The original scheme, announced on August 1, 2024, highlighted the self-sustainability and success of the food FMCG business, prompting Adani Enterprises, holding a 44% stake in Adani Wilmar through Adani Commodities, to integrate it directly under the Adani group promoter and promoter group shareholders. However, this would have ended its status as a joint venture entity of Adani Enterprises, ultimately affecting the ownership structure of the company.
One of the reasons behind the demerger proposal was to assist the promoters in divesting their stake in Adani Wilmar, a move that faced challenges related to valuation and pricing issues in the past. Despite initial plans for a potential stake sale, progress in this regard was hindered by various obstacles. In a separate decision, the board of Adani Enterprises approved a public issuance of Non-Convertible Debentures worth Rs 2,000 crore and withdrew the draft scheme of arrangement with Adani Wilmar.