Cyril Amarchand Mangaldas (CAM) and Khaitan & Co have advised on the Adani Group’s exit from its fast-moving consumer goods joint venture with Wilmar International in an USD832 million sale to Singapore-registered Lence.
CAM acted for Adani Enterprises and Adani Commodities on the latter’s sale of up to 20% of its shareholding in joint venture AWL Agri Business, formerly known as Adani Wilmar, to Lence for USD832 million, a wholly owned subsidiary of Wilmar International.
Reuters reported that Adani Commodities, a unit of Adani Enterprises, would also offload another 10.42% in AWL Agri Business to “pre-identified investors”, according to the Adani Group. The report also said the Adani exit of AWL Agri Business amounted to USD1.3 billion.
The CAM team also acted for Adani Commodities in the disposal of its equity shares in AWL through a block deal executed via the Bombay Stock Exchange.
The core CAM transaction team comprised partners Anchal Dhir and Jay Parikh, who had the support of principal associate Ayushi Toshniwal, senior associate Varun Kannan and associate Priyamvada Sharma. The capital markets and competition practice teams also provided assistance.
Khaitan & Co acted for Lence, which is a subsidiary of Wilmar International and a promoter entity of AWL Agri Business.
AWL Agri Business is an Indian multinational food and beverage conglomerate headquartered in Ahmedabad. It was established in 1999 as a joint venture between Adani Enterprises and Wilmar International, and it is the country’s largest processor of palm oil.
