Adani Enterprises Ltd (AEL) on Monday announced that it will exit Adani Wilmar Ltd (AWL) by divesting its entire 44 per cent stake in the joint venture to raise over $2 billion.

Adani Enterprises plans to sell around 13% of its stake to meet public shareholding norms, while Wilmar International will purchase the remaining 31% stake.

Adani Enterprises has pulled back from the joint venture to focus on its core businesses including energy, utilities, transport and logistics

As part of this transition, AEL's nominee directors, Pranav V Adani and Malay Mahadevia, have resigned from the AWL board.

Adani Enterprises plans to sell its 44% stake in Adani Wilmar through a $2 billion deal with Wilmar International. The sale will be divided, with 13% sold to the public and 31% to Wilmar. The funds will focus on core infrastructure projects.

Adani Wilmar Ltd (AWL) shares nosedived nearly 8% in early trading on Tuesday following Adani Enterprises’ announcement to exit its joint venture with Singapore’s Wilmar International. The decision will see Adani Enterprises sell its entire 43.

Adani Wilmar said Pranav V Adani, non-executive and non-independent director; and Malay Mahadevia, non-executive and non-independent director, representing ACL, have resigned from the board.

Wholly-owned subsidiary of Wilmar Lence Pte Ltd will acquire up to 31.06 per cent of AWL's equity shares held by Adani Commodities LLP (ACL) via call or put options

Adani Wilmar share price plunged 8% after Adani Enterprises announced it would exit its joint venture with Singapore’s Wilmar group, raising over $2 billion.

AEL plans to offload its nearly 44% stake in Adani Wilmar Ltd (AWL) in two parts. It will first sell about 13% stake to meet public shareholding norms. The promoters currently hold 88% of the company.

India's Adani group is exiting its consumer goods joint venture with Singapore's Wilmar International in a $2 billion deal as it looks to bolster its infrastructure business. The divestment marks the Indian conglomerate's first major transaction since the U.